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

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?

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

The process of cost apportionment is carried out so that

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

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

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

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

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

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

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

An expenses is said to be revenue in nature if it

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

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

Capital reserves includes the following except

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

The purpose of a trading account is to ascertain

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

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

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

An advantage of using accounting ratios is that

Preliminary expenses is an example of

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.

In a bank reconciliation statement, Dishonoured cheques is added to

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

The following accounting entries are made when
bad debt is recovered

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

Sales ledger control account contains the total amount in respect of

What does liquidity ratio measure?

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

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

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

Which of the following cannot be realized?

The basis of accounting for public sector is

The loss made by a non profit making organization is called

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

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

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