Question on: JAMB Accounting - 2024
Which of the following is not required in preparing a statement of affairs?
A
fixed assets
B
net profit
C
accruals
D
cash in hand
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Correct Option: B
A statement of affairs lists assets and liabilities of a business, often during insolvency or liquidation.
Fixed assets, accruals, and cash in hand are needed because they represent the business's financial position.
Net profit is not required, as it belongs to the income statement and not the statement of affairs.
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