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 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?

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

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

Sales ledger control account contains the total amount in respect of

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

Capital reserves includes the following except

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

The basis of accounting for public sector is

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

Which of the following cannot be realized?

Preliminary expenses is an example of

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

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

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

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.

An advantage of using accounting ratios is that

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

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

What does liquidity ratio measure?

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

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

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

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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 following account are prepared when goods are sent to branch except

The process of cost apportionment is carried out so that

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

Which of the following is true in public sector depreciated on straight line method accounting? Cost of assets is

Keeping records under single entry system has the advantage of

The purpose of a trading account is to ascertain

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

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

Goods stolen at the branch is debited 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?

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

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

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

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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

To realize an asset means to