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

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

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

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

The purpose of a trading account is to ascertain

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 following accounting entries are made when
bad debt is recovered

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

The loss made by a non profit making organization is called

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

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

Goods stolen at the branch is debited to

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

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 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?

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

To realize an asset means to

The process of cost apportionment is carried out so that

What does liquidity ratio measure?

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

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

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

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

CR.     DR.
Sales ledger balance 9, 500
Sales ledger balance 420
Bought ledgers balance 6, 115
Bought ledger balance 350
Credit sales 82, 000
Purchases journal 54, 700
Discount allowed 450
Discount received 200
Cash refunded to customers (debtors) 120
Purchases ledger balance 250
Sales ledger balance 120
The amount brought down in the sales ledger control account would be

An advantage of using accounting ratios is that

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

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

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

The basis of accounting for public sector is

Use the information below to answer this question
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

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?

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

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

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

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?

An expenses is said to be revenue in nature if it

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 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?

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

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