An advantage of using accounting ratios is that

The process of cost apportionment is carried out so that

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

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?

The loss made by a non profit making organization is called

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?

Sales ledger control account contains the total amount in respect of

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

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

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

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

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

The basis of accounting for public sector is

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

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

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?

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.

Determine the closing capital 31/12/2014

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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

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.

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

An expenses is said to be revenue in nature if it

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

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

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

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

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

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

What does liquidity ratio measure?

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

Capital reserves includes the following except

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

Preliminary expenses is an example of

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

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

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

In a bank reconciliation statement, Dishonoured cheques is added to

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

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