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The trader's capital in a single entry system is ascertained by preparing

The trader's capital in a single entry system is ascertained by preparing
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
  • A Gross profit
  • B Statement of affairs
  • C Suspense account
  • D Appropriation account
Correct Answer: Option B
Explanation:
A Statement of Affairs is a document detailing a company's assets and liabilities. Generally prepared by a liquidator or appointed professional during certain insolvency proceedings, the document is later registered at Companies House, where it becomes available for public view.

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