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

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

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

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

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

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

In a bank reconciliation statement, Dishonoured cheques is added to

The purpose of a trading account is to ascertain

Capital reserves includes the following except

The basis of accounting for public sector is

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

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?

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

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

Goods stolen at the branch is debited to

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

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

The loss made by a non profit making organization is called

An advantage of using accounting ratios is that

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

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

Use the information below to answer this question.

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 following account are prepared when goods are sent to branch except

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

Sales ledger control account contains the total amount in respect of

Preliminary expenses is an example of

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

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

An expenses is said to be revenue in nature if it

The process of cost apportionment is carried out so that

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

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

Which of the following cannot be realized?

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

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

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