Investors in a business are mainly interested in firm's--------

One of the characteristics of useful accounting information is--------

Which of the following items is found on the debit side of the trial balance?

Which of the following transactions is a revenue expenditure?

Credit notes received are source documents for.........

A document forwarded to a supplier showing unsatisfactory goods is................................

The claim of a proprietor of a business entity on its assets is................

The apportionment of the cost of a fixed asset to the profit and loss account is termed?

Entries in the purchase journal are transferred to the .............

A reduction n price to encourage prompt payment is........

Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10%  and cash discount is 10% within 30 days and 5% within 60 days.

The cash discount allowed on the 50th day is?

Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10%  and cash discount is 10% within 30 days and 5% within 60 days.

The amount payable if payment is made on the 40th day is...........

An amount of Le2000 received from a customer, Koffi has been credited to another customer, Kofigo's account. This is an error of?

The current assets less current liabilities is

A debit balance of N420 on the purchase ledger control account means that as at that date............

Sales and purchases ledger are used in a business to keep records of?

Which of the following activities will increase profits?

The concept that implies that a business will operate for an indefinitely long period of time is...............

The consistency concept aims at?

The concept which states that revenue is recognized when goods are sold is

Cost of goods sold is calculated as...................

The wages of an office cleaner is classified as

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The cost of goods sold is-----------

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The gross profit or loss is?

The amount set aside out of profits to strengthen the financial position of the business is

A fall in the value of a fixed asset due to technological changes is described as?

A credit entry is made in the plant and machinery account for the ......................

In a manufacturing account, royalties paid

One of the components of factory overhead is............

Use the following information to answer the question that follows

 N
Direct material used-----------------64,000
Direct labour--------------------------30,000
Production overheads--------------22,000
Work-in-progress at beginning-----9,000
Work-in-progress at close---------14,000

Prime cost of production is?

Use the following information to answer the question that follows

 N
Direct material used-----------------64,000
Direct labour--------------------------30,000
Production overheads--------------22,000
Work-in-progress at beginning-----9,000
Work-in-progress at close---------14,000

The total cost of production is

The balance on the sales ledger control account at the end of the accounting year represents a total.........

Use the following information to answer the question below

  01/01/2016 31/12/2016
Trade debtors-------80,000 100,000
Trade creditors-----30,000  40,000
Stock-----------------70,000 90,000

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

 

Credit sales for 2016 is?
 

Use the following information to answer the question below

  01/01/2016 31/12/2016
Trade debtors-------80,000 100,000
Trade creditors-----30,000  40,000
Stock-----------------70,000 90,000

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

 

Credit purchase for 2016 is?

The excess of assets over liabilities in a not for profit organization is--------------

The parties who are paid last in the event of winding-up are

An event that will not require a change in the profit-sharing ratio of partners in a firm is when

Use the following information to answer the question that follows

Receipt and payments: 31st December 2016

Cash at bank------460  New equipment------200
Subscriptions-----520 Cleaner's wage-----540
Donations--------- 500 Stationary----------- 140
Sale of stickers---490  Cash at bank--------110
Entrance fee------670

The total income received for the year is...........

Use the following information to answer the question that follows

Receipt and payments: 31st December 2016

Cash at bank------460  New equipment------200
Subscriptions-----520 Cleaner's wage-----540
Donations--------- 500 Stationary----------- 140
Sale of stickers---490  Cash at bank--------110
Entrance fee------670

The surplus for the year is-----------
 

Use the following information to answer the question below

N
Net profit -------------------------17,460
Capital account: Taiwo--------50,000
 Obi----------40,000
Drawings Account: Taiwo----12,000
  Obi-------10,000
Salary - Obi---------------------1,500
Interest on capital--------------5%
Interest on drawings----------4%
Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Taiwo's share of profit is------

Use the following information to answer the question below

N
Net profit -------------------------17,460
Capital account: Taiwo--------50,000
 Obi----------40,000
Drawings Account: Taiwo----12,000
  Obi-------10,000
Salary - Obi---------------------1,500
Interest on capital--------------5%
Interest on drawings----------4%
Profit sharing ratio is 3:2 for Taiwo and Obi respectively

Obi's share of profit is---------------

The accounting entry for cash realized from the sale of assets on the dissolution of a partnership is debit------

The process of distributing shares to successful applicants is------.

Interim dividend paid in the year is--------

The basis of apportionment of insurance on building in departmental accounts is--------