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The document which contains the internal regulations of a limited liability company is the
The excess of net assets acquired over purchase consideration is
Discount allowed N2,000;
Bad debts 1,000
Cheque received from customers 24,000
Returns inwards 500;
Sales ledger balance at the beginning 2.000
The amount of sales is
Income received in advance is treated in the balance sheet as a
A computer set bought for150,000 was disposed of for N45,000 after some years of use. The profit on disposal was 7,500. Accumulated depreciation at the time of disposal was
The internal users of accounting information are the
The accounting equation of a business shows the
A business extracted its trial balance and discovered that the total of the credit side exceeded the total of the debit side. Pending further investigation, the difference would be
The concept that guides a firm to adopt a regular method of recording transactions in its books over a period is
An example of a real account is
A partner who contributes capital but does not participate in the day-to-day running of the business is
Doe and Sons Limited would enter the 3% discount in the
Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the
remaining goods on the due date.
Kwamenah would record the 10% discount in the
Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount: 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the
remaining goods on the due date
The cash paid by Kwamenah was
Items shown in the manufacturing account include
i. Purchases of raw materials
ii. Purchases of finished goods
iii. Carriage inwards
iv. Carriage outwards
Use the following information to answer the questions below
A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.
The value of the closing stock of finished goods that would be shown in the balance sheet is
Use the following information to answer the questions below
A manufacturing company's cost of production was D 200,000. The finished goods were transferred to the warehouse at D 220,000. At the end of the year, 9% of these goods were still in stock.
The value of the closing stock of finished goods in the trading account is?
The cost incurred on goods purchased for production which can be traced to a particular unit is classified as
A non-cash expense chargeable against profit and loss account is
Debtors and credit sales for a period are D 120,00 and D 600,00 respectively. The debtor's payment period would be