The double principle of accounting was developed by?

The concept that has much influence over asset valuation and income determination is?

The journal entries for the purchase of stock on credit are to debit?

Given:

Liabilities..............N23,700
Current assets...........N20,300
Fixed assets.............N64,500

What is the capital introduced by the proprietor?

Given:

Rent..............N10,000
Rates.............N5,000
Capital...........N50,000
Salaries..........N14,000
Cash..............N26,000
Creditors..........N5,000

The total trial balance is?

What are the appropriate recording procedures for entries in the trial balance?

Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?

Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank.
What is his expected balance?

five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250

Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350

How much should the petty cashier receive after period 2?

five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250

Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350

What was the balance of cash with the petty cashier ata the end of period 1?

In a three-column cash book,the discount allowed is shown on the?

A rent received by a trader for sub-letting part of his business premises should be added to the?

In a three-column cash book,the discount allowed is shown on the?

Given:
...............................Jan.2003.........Dec. 2003
Provision for bad debt........N1000
Debtors..........................................N20000
Bad debt to be written off.......................N2000

The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?

Goods withdraw from business for private use are credited to?

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.

The accumulated depreciation provision at the time of sale was?

Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.

The net book value of the piece of equipment at the time of sale was?

The item that are contained in the bought ledger control account are?

Given:
purchases ledger balance..............N4000
purchases for the period..............N50000
Cash refunded by suppliers............N290
Cheques paid to suppliers..............N42300
Returns outwards.......................N2000
Discount received from suppliers.......N400

The balance of the purchases ledger control account is?

Which of the following item is found on the credit side of the sales ledger control account?

If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?

Use the information below to answer questions

Zazzau Company:

Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150

Drawings of N125 were made by the shareholders of the company.

The capital of the company stands at?

Use the information below to answer questions 25 and26.

Zazzau Company:

Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150

Drawings of N125 were made by the shareholders of the company.

They company's net current assets amount to?

A component of an overhead manufacturing cost is?

Use the information below to answer questions

Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000

What is the cost of goods manufactured?

Use the information below to answer questions

Direct labour...................N50 000
Beginning work-in-progress......N4 000
Raw materials used..............N18 000
Indirect labour.................N4 000
Ending finished goods...........N16 000
Ending work-in-progress.........N9 000
Factory supplies used...........N7 000
Selling expenses................N25 000
Beginning finished goods........N21 000
Other factory overheads.........N19 000

Calculate the prime cost?

Use the information below to answer questions

Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375

The cost of raw materials consumed is?

Use the information below to answer questions

Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375

What is the cost of manufactured goods?

Use the information below to answer questions .

subscription.....................N5420
Canopy rent......................N400
Wages............................N1100
Post-ages........................N300
loss from bar....................N160
Purchases of new furniture.......N120
Premises.........................N4000
Furniture at the beginning.......N1120

What is the cash balance in the receipts and payments account?

Use the information below to answer questions

Purchase:..Raw materials.................N15 000
Finished goods...........................N11 400
Stock:....(1/7/01)Raw materials..........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:.....(30/06/02)Raw materials.......N3 000
Work-in-progress.........................N3 375

Determine the accumulated fund value?

The not-for-profit-making organizations generate their income mainly from?

Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?

Departmental accounts are prepared to aid the comparison of the?

A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?

The movement of goods from head office to a branch is treated in the in the head office accounts as?

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?

Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

Calculate the profit available for appreciation?

Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

The balances of current accounts of Jide and Haruna are respectively?

When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?

A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?

The accounting method that reports incomes when earned and expenses when incurred is called?

The tier of government that uses financial memorandum is the?

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003

Determine the closing stock