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

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

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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

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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?

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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

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

The loss made by a non profit making organization is called

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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?

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

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

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

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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?

Goods stolen at the branch is debited to

What does liquidity ratio measure?

The basis of accounting for public sector is

An expenses is said to be revenue in nature if it

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

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

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

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

Keeping records under single entry system has the advantage of

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

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

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

The following accounting entries are made when
bad debt is recovered

In a bank reconciliation statement, Dishonoured cheques is added to

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

Preliminary expenses is an example of

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

Sales ledger control account contains the total amount in respect of

The process of cost apportionment is carried out so that

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.

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

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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?

Capital reserves includes the following except

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

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

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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 total liabilities

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

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