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

Sales ledger control account contains the total amount in respect of

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

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

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

An advantage of using accounting ratios is that

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

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 cannot be realized?

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

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

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

Preliminary expenses is an example of

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 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?

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

To realize an asset means to

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

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

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

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

Goods stolen at the branch is debited to

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

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

An expenses is said to be revenue in nature if it

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

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 basis of accounting for public sector is

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

Keeping records under single entry system has the advantage of

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.
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?

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

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

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

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

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

Capital reserves includes the following except

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