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

Capital reserves includes the following except

An advantage of using accounting ratios is that

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;

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

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

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

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

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

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

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.
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?

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 purpose of a trading account is to ascertain

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

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

Preliminary expenses is an example 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

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

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

To realize an asset means to

What does liquidity ratio measure?

Goods stolen at the branch is debited to

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

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

The following accounting entries are made when
bad debt is recovered

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

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

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

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200.
Calculate his purchases.

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

An expenses is said to be revenue in nature if it

The loss made by a non profit making organization is called

Which of the following cannot be realized?

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?

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

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

The basis of accounting for public sector is

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