What does liquidity ratio measure?

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

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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

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

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

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 total liabilities

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

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

The basis of accounting for public sector is

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

The process of cost apportionment is carried out so that

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

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 not a proper form of the accounting equation

An advantage of using accounting ratios is that

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?

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

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

An expenses is said to be revenue in nature if it

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

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

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

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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

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

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

The loss made by a non profit making organization is called

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

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

Capital reserves includes the following except

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

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

Keeping records under single entry system has the advantage of

To realize an asset means to

Which of the following cannot be realized?

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?

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

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