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

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

To realize an asset means to

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

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

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

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

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

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

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

The process of cost apportionment is carried out so that

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

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

An expenses is said to be revenue in nature if it

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

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

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

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?

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

The following accounting entries are made when
bad debt is recovered

The loss made by a non profit making organization is called

Goods stolen at the branch is debited to

The purpose of a trading account is to ascertain

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 following account are prepared when goods are sent to branch except

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

What does liquidity ratio measure?

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 income and expenditure account of a club is the same as

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

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

The basis of accounting for public sector is

In a bank reconciliation statement, Dishonoured cheques is added to

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

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

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

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