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WAEC Financial Accounting 2011 Question 20

Question 20

Incomplete Records

The method of ascertaining capital from incomplete records is by preparing the

  1. A.cash book
  2. B.statement of affairs
  3. C.suspense account
  4. D.control account
Show the answer and explanation

Answer: B (statement of affairs)

Explanation

A statement of affairs lists assets and liabilities to find capital (assets − liabilities).