An expenses is said to be revenue in nature if it

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

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

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

Use the information below to answer this question.

\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)

Calculate the acid test ratio

What will be the number of shares to be issued to a subscriber who applied for 50,000 units.

Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari  Osinbajo

Capital 40, 000  70, 000
Salary 10, 000  15, 000
Int.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?

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

Use the information below to answer this question.

\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)

Determine the debtors collection period

Prime cost is one of the following

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

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?

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

Using LIFO method of stock valuation, analyze the issue quantities and their prices

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

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

In a bank reconciliation statement, Dishonoured cheques is added to

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

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

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

What does liquidity ratio measure?

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

The following accounting entries are made when bad debt is recovered

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

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

Sales ledger control account contains the total amount in respect of

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

The basis of accounting for public sector is

Use the information below to answer this question

SegunOjo, 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

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

.

Use the information below to answer this question.

A business has three departments x, y and z

You are given the following information

Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres

X N60,000 80

Y N80,000 60

Z N100,000 60

How much rent is apportioned to department Z?

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

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

Compute the capital as at 1st Jan, 2014.

Keeping records under single entry system has the advantage of

Which of the following is true in public sector accounting? Cost of assets is

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

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

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

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

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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

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

Goods stolen at the branch is debited to

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

Which of the following cannot be realized?

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

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

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

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

Use the information below to answer this question.

\(\begin{array}{c|c}
\hline & \text{Dept A} & \text{Dept B} \\
\hline
\text{Sales} & 180,000 & 150,000 \\
\hline
\text{Cost of sales} & 79,000 & 85,000 \\
\hline
\text{Expense} & 28,000 & 40, 000 \\
\end{array}\)

How much is the gross profit for department A?

An advantage of using accounting ratios is that

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

The loss made by a non profit making organization is called

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

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?

Use the information below to answer this question.

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 imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175

How much was received to maintain the imprest at the end of the month?

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

To realize an asset means to

The process of cost apportionment is carried out so that

Preliminary expenses is an example of

Use the information below to answer this question.

\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)

The prime cost for the company is

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

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.

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

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