Investors in a business are mainly interested in the firm's

One of the characteristics of useful accounting information is

Which of the following items is found on the debit side of a trial balance?

Which of the following transactions is a revenue expenditure?

Credit note received are source documents for

A document forwarded to a supplier showing amount due for unsatisfactory goods is

The claim of a proprietor of a business entity on its assets is

The apportionment of cost of a fixed asset to the profit and loss account is termed as

Entries in the purchase journal are transferred to the

A reduction in price to encourage prompt payment is

Use the following information to answer questions 11 and 12.
Tei Ltd offered 1,560 units of a magazine at ₦60.00 each. Trade discount is 10% and cash discount is 10% within 30 days and 5% within 60 days.

The amount payable of payment is made on the 40th day is

Use the following information to answer questions 11 and 12.
Tei Ltd offered 1,560 units of a magazine at ₦60.00 each. Trade discount is 10% and cash discount is 10% within 30 days and 5% within 60 days.

The cash discount allowed on the 50th day is

An amount of Le2,000 received from a customer, Kofi has been credited to another customer, Kofigo's account. This is an error of

Current assets less current liabilities is

A debit balance of GH¢420 on the Purchase Ledger Control Account means that as at that date

Sales and Purchases ledgers are used in a business to keep records of

Which of the following activities will increase profits?

The concept that implies that a business will operate for an indefinitely long period of time is

The consistency concept aims at

The concept which states that revenue is recognized when goods are sold is

Cost of goods sold is calculated as

The wages of an office cleaner is classified as

use the following information to answer questions 23 and 24.

Interest on Drawings is 5%;
Profit is shared equally;

The cost of goods sold is

use the following information to answer questions 23 and 24.

Interest on Drawings is 5%;
Profit is shared equally;

The gross profit or loss is

The amount set aside out of profits to strengthen the financial position of the business is

A fall in value of a fixed asset due to technological changes is described as

A credit entry is made in the Plant and Machinery Account for the

In a manufacturing account, royalties paid is

One of the components of factory overheads is

Use the following information to answer questions 30 and 31

Total cost of production is

Use the following information to answer questions 30 and 31

Prime cost of production is

The balance on the sales ledger control account at the end of the accounting year represents total

Use the following information to answer questions 33 and 34

Cheques received from trade debtors in 2016: D350,000
Payments made to trade creditors in 2016: D220,000

Credit sales for 2016 is

Use the following information to answer questions 33 and 34

Cheques received from trade debtors in 2016: D350,000
Payments made to trade creditors in 2016: D220,000

Credit purchases for 2016 is

The excess of assets over liabilities of a not - for - profit making organization is

Use the following information to answer questions 36 and 37

Receipt and Payments: 31st December, 2016

The surplus for the year is

Use the following information to answer questions 36 and 37

Receipt and Payments: 31st December, 2016

The total income received for the year is

The parties who are paid last in the event of winding - up are

An event will not require a change in the profit - sharing ratio of partners in a firm when

Taiwo's share of profit is

Obi's share of profit is

The accounting entries for cash realized from the sale of assets on dissolution of partnership is debit

The process of distributing shares to successful applicants is

Interim dividend paid in the year is

The basis of apportionment of insurance on building in departmental accounts is

Under the cost method in Branch Accounts, branch gross profit is disclosed in the

Equity holders fund is

Net book value of fixed assets is

The authority to incur expenditure in the public sector is

Below - the line item in public sector accounting means such an item is