Capital reserves includes the following except

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

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

The process of cost apportionment is carried out so that

In a bank reconciliation statement, Dishonoured cheques is added to

The purpose of a trading account is to ascertain

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

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

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

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

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.

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

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

An advantage of using accounting ratios is that

The following accounting entries are made when
bad debt is recovered

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

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

To realize an asset means to

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

Preliminary expenses is an example 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 accumulated fund?

What does liquidity ratio measure?

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

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?

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

Goods stolen at the branch is debited to

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?

Keeping records under single entry system has the advantage of

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

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

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

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

The basis of accounting for public sector is

The loss made by a non profit making organization is called

Sales ledger control account contains the total amount in respect of

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

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