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

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

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

The following accounting entries are made when
bad debt is recovered

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

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

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

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

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

Which of the following cannot be realized?

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

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

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

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

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

The income and expenditure account of a club is the same as

The basis of accounting for public sector is

The loss made by a non profit making organization is called

Goods stolen at the branch is debited to

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

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

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

Capital reserves includes the following except

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.

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

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 process of cost apportionment is carried out so that

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

Sales ledger control account contains the total amount in respect of

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

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

Keeping records under single entry system has the advantage of

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

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

In a bank reconciliation statement, Dishonoured cheques is added to

The purpose of a trading account is to ascertain

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

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

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