The major distinguishing element between the final account of a partnership and that of a sole trader is the

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Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000.

Determine the closing capital 31/12/2014

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Buhari and Osinbajo are in partnership with the following partnership agreement

Buhari Osinbajo
Capital 40, 000    70, 000
Salary 10, 000     15, 000
Interest on capital 5%    5%
Profit/loss sharing ratio 40    60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

A sales for N2,570 was recorded in the sales day error of principleerror of principlebook as N2750. The error committed was

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

Accounting information is used by investors and creditors of a company to predict

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Dangote acquired Dantata’s business for N350,000.
The total asset work were N820,000 and liabilities amounted to N 640,000
The double entry to record the goodwill in the books is debt

If rent account is debited instead of rate account, the error committed is that of;

Which of the following accounts is debited when a delivery van is sold for cash?

The following accounting entries are made when
bad debt is recovered

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

The accounting concepts which assumes that business will continue to be in existence into the foresee ablefure is

If sales return is understated, it implies that ------------------------------ is overstated

What does liquidity ratio measure?

Income and expenditure account is more detailed than receipts and payments account because it disclosed

Which of the following is not a proper form of the accounting equation

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Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000

What is the club’s total liabilities

If a trail balance is in agreement, one of the statement is untrue

The basis of accounting for public sector is

An expenses is said to be revenue in nature if it

One of the items listed below will not be found in a company’s memorandum and article of association. Which is it?

Keeping records under single entry system has the advantage of

Capital reserves includes the following except

Which of the following is true in public sector depreciated on straight line method accounting? Cost of assets is

The process of cost apportionment is carried out so that

The following account are prepared when goods are sent to branch except

When the invoice of a customer is overcast, the supplier will send to him a

Which of the following is a debit entry in debtors control account?

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Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

Which of the following is not a feature of accounting information?

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

An entry in a subsidiary book which does not form part of the double entry system is a

The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention

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Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.

What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

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A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share

When shares are sold at more than the per value, they are said to have been issued at

What is the ledger entry for sale of generator on credit to Patrick?

Which method of pricing can be used satisfactorily in either rising or falling price situation?