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

Capital reserves includes the following except

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

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

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

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.

Buhari and Osinbajo are in partnership with the following partnership agreement

Buhari Osinbajo
Capital 40, 000    70, 000
Salary 10, 000     15, 000
Interest 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 purpose of a trading account is to ascertain

Sales ledger control account contains the total amount in respect of

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?

In a bank reconciliation statement, Dishonoured cheques is added to

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

Preliminary expenses is an example of

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

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

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

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

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?

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

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

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.

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.
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

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

The process of cost apportionment is carried out so that

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

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

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

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

Which of the following cannot be realized?

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 basis of accounting for public sector is

What does liquidity ratio measure?

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

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

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

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

The following accounting entries are made when
bad debt is recovered