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?

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

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.
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 accounts is debited when a delivery van is sold for cash?

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

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 following accounting entries are made when
bad debt is recovered

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

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

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

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

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

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

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?

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 following account are prepared when goods are sent to branch except

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

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.

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

In a bank reconciliation statement, Dishonoured cheques is added to

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?

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

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

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

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

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

What does liquidity ratio measure?

To realize an asset means to

The process of cost apportionment is carried out so that

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

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

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

An advantage of using accounting ratios is that

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

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?

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