The following accounting entries are made when
bad debt is recovered

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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 is not a proper form of the accounting equation

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

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

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

Preliminary expenses is an example of

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

An expenses is said to be revenue in nature if it

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

In a bank reconciliation statement, Dishonoured cheques is added to

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

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

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

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

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Buhari and Osinbajo are in partnership with the following partnership agreement

Buhari Osinbajo
Capital 40, 000    70, 000
Salary 10, 000     15, 000
Interest on capital 5%    5%
Profit/loss sharing ratio 40    60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?

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

To realize an asset means to

Goods stolen at the branch is debited to

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

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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

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

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

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

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

Keeping records under single entry system has the advantage of

An advantage of using accounting ratios is that

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

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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

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

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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

Which of the following cannot be realized?

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?

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

Capital reserves includes the following except

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

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

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?