What does liquidity ratio measure?

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200.
Calculate his purchases.

The process of cost apportionment is carried out so that

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

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

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

Use the following information to answer this question.

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 accumulated fund?

Use the information below to answer this question.
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

Use the following information to answer this question.
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

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

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

Sales ledger control account contains the total amount in respect of

The following accounting entries are made when
bad debt is recovered

Use the information below to answer this question.
Jejelaye Plc stock records for 2009 was given below:
Jan 1 received 100 units at N1.00
Jan 8 received 260 units at N1.05
Jan 20 issued 700units at .........
Feb 3 received 400 units at N1.15
What will be the issued price of 700 units, using simple average method

Use the information below to answer this question.
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

The ledger entries to be made if cash sales is banked is debit

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

Goods stolen at the branch is debited to

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

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

Use the following information to answer this question.
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 cannot be realized?

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 54,000; creditors at the beginning 4000; creditors at the end 2,000

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

The basis of accounting for public sector is

The loss made by a non profit making organization is called

Which of the following is shown in the profit and loss appropriation account of a company

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided

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

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

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

Use the information below to answer this question.
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?

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

The interest of a petty cashier is N2450
Expenses N Printing 420 Cleaning 250 Stamp and
postage 175 How much was received to maintain the
interest at the end of the month?

Preliminary expenses is an example of

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

The purpose of a trading account is to ascertain

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