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

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

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

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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 basis of accounting for public sector is

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

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

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

Capital reserves includes the following except

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

The purpose of a trading account is to ascertain

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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

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

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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

The process of cost apportionment is carried out so that

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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?

In a bank reconciliation statement, Dishonoured cheques is added to

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

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 ------------------------------

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

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

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

To realize an asset means to

Keeping records under single entry system has the advantage of

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

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

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

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

Sales ledger control account contains the total amount in respect 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

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

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

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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

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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?

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

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

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

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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 cannot be realized?