A quality of accounting information is that it should be

The balance on the sales account is transferred to the trading account by

Depletion method of depreciation is applicable to

Use the following information to answer questions 4 and 5.
1/2/2021 Balance as per bank statement N90,000 O/D Cheques of N30,000 issued on 20/2/2021 and presented to bank for payment on 7/3/2021; Cheques of N40,000 issued on 22/2/2021 and credited the bank on 8/3/2021.

The balance as per the adjusted cash book on 28/2/2021 means

Use the following information to answer questions 4 and 5.
1/2/2021 Balance as per bank statement N90,000 O/D Cheques of N30,000 issued on 20/2/2021 and presented to bank for payment on 7/3/2021; Cheques of N40,000 issued on 22/2/2021 and credited the bank on 8/3/2021.

The balance as per the adjusted cash book 28/2/2021 means that the

When there is provision for depreciation, fixed assets is shown in the balance sheet at

Use the following Information to answer questions 7 to 9.

D
Opening stock          9,220
Sales                          66,930
Returns outwards   1,740
Koumis inwards        2,930
Gross profit              16,000
Purchases                60,540
The cost of goods sold is

Use the following Information to answer questions 7 to 9.

D
Opening stock          9,220
Sales                          66,930
Returns outwards   1,740
Koumis inwards        2,930
Gross profit              16,000
Purchases                60,540

The average stock is

Use the following Information to answer questions 7 to 9.

D
Opening stock          9,220
Sales                          66,930
Returns outwards   1,740
Koumis inwards        2,930
Gross profit              16,000
Purchases                60,540

The rate of stock turnover is

Which of the following expenses forms part of cost of production?

Purchases ledger control account is a summary of sundry

The balance brought down on the credit side of the sale ledger control account at the beginning of a period represents the

The starting point for the preparation of accounts from incomplete records is to

Use the following information to answer questions 14 and 15.

D
Opening capital   10,800
Drawings.             2,500
Trade creditors.    2,560
Trade debtors      1,880
Cash-in-hand      6,000

The closing capital is

Use the following information to answer questions 14 and 15.

D
Opening capital   10,800
Drawings.             2,500
Trade creditors.    2,560
Trade debtors      1,880
Cash-in-hand      6,000

The working capital is

When the total of the debit side of income and expenditure account exceeds the total of the credit side, the difference is

Use the following information to answer questions 17 and 18.

$
Prime coset of production.     500,000
Factory overheads.                   80,000
Opening work-it-progress      80,000
Cost of production                    520,000

The closing work-in-progress is

Use the following information to answer questions 17 and 18.

$
Prime coset of production.     500,000
Factory overheads.                   80,000
Opening work-it-progress      80,000
Cost of production                    520,000

The work-in-progress for the year shows

In the absence of a partnership agreement, loan granted to the business by a partner would attract

The acquisition of furniture for office use for N290,000 should be debited to

The total of the discount column of $60,000 on the credit side of a cash book was credited to the discount allowed account. To correct this error:debit

An item debited to the income and expenditure account is

Goods taken over by the owner of the business for personal use is treated as

Gross profit is computed as

A feature of the income and expenditure account is that

A person who lends his name to be used as a partner without any contribution of capital is a

The concept which states that there are two sides to accounting entries is

The trade debtors of a business are

When the buyer is undercharged, the seller forwards

Abu's share of profit is

Ojo's share of profit for the year is

The balance on Abu's current account is

Sales for the year 2021:

Credit:      Le 70,000

Cash:     Le 30,000

The accounting concept underlying the recording of Le 100,000 in the sales account is

Sales journal is used for recording

Which of the following circumstances will not lead to dissolution of a partnership? When a partner

When the letter "C" is written in front of an entry in the folio column of a cash book, it shows a

A user of accounting information who would be more interested in the liquidity of the firm is the

An item that can be purchased from a petty cash float is

An item recorded on the credit side of trading profit and loss account is

An item that would be apportioned in proportion to purchases of each department is

The accounting entries in the books of head office for goods returned by a customer to a branch are:

In a company's balance sheet, rent prepaid is classified as a

The accounting concept which underlies providing for doubtful debt is

The document which contains monies allocated in public sector is

Which of the following items is an example of an intangible asset?

The maximum number of shares that a company is allowed by law to offer to the public for subscription is

One of the features of cash basis of accounting in public sector is that

The working capital is

Total shareholders fund is

The net assets of the company is