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

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

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

The following accounting entries are made when
bad debt is recovered

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

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

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

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

Preliminary expenses is an example of

Capital reserves includes the following except

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

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

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.

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

The purpose of a trading account is to ascertain

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

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

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

Which of the following cannot be realized?

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

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

Sales ledger control account contains the total amount in respect of

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

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

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

Goods stolen at the branch is debited to

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

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

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

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

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?

Income and expenditure account is more detailed than receipts and payments account because it disclosed

The loss made by a non profit making organization is called

An expenses is said to be revenue in nature if it

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

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

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

What does liquidity ratio measure?

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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?