The purpose of a trading account is to ascertain

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 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 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?

Sales ledger control account contains the total amount in respect of

In a bank reconciliation statement, Dishonoured cheques is added to

An expenses is said to be revenue in nature if it

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 basis of accounting for public sector is

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?

Capital reserves includes the following except

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

The process of cost apportionment is carried out so that

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

The loss made by a non profit making organization is called

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

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

The following accounting entries are made when
bad debt is recovered

To realize an asset means to

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

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

Which of the following cannot be realized?

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

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

What does liquidity ratio measure?

Preliminary expenses is an example of

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

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

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

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

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

Keeping records under single entry system has the advantage of

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

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

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

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

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

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