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

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

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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

Preliminary expenses is an example 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 accumulated fund?

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

What does liquidity ratio measure?

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

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

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

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

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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

Goods stolen at the branch is debited to

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?

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

Keeping records under single entry system has the advantage of

Capital reserves includes the following except

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

An expenses is said to be revenue in nature if it

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

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

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

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

The loss made by a non profit making organization is called

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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?

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

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

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

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

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

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

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

Sales ledger control account contains the total amount in respect of

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?

The process of cost apportionment is carried out so that

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