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

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

The following accounting entries are made when
bad debt is recovered

The accounting convention that state that stock should be value that the lower of cost and net realized value is --------------- convention

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?

An advantage of using accounting ratios is that

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

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

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

The basis of accounting for public sector is

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

The process of cost apportionment is carried out so that

Capital reserves includes the following except

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

What does liquidity ratio measure?

An expenses is said to be revenue in nature if it

To realize an asset means to

The loss made by a non profit making organization is called

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

Keeping records under single entry system has the advantage 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?

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

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

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

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

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

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

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

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

A sales for N2,570 was recorded in the sales day error of principleerror of principlebook as N2750. The error committed was

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

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 following account are prepared when goods are sent to branch except

Which of the following cannot be realized?

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

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