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The reason for treating carriage inwards in the trading account is because
Use the following information to answer the questions
The transactions of All Girls' Social Club for the year 2021 are as follows:
Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200
| 31st December | 2020 | 2021 |
| D | D | |
| Stock at bar | 1400 | 1600 |
| Owing for bar supplies | 6500 | 7300 |
The net profit on the bar to be transferred to the income an expenditure account for the year ended 31st December 2021 is
Use the following information to answer the questions
The transactions of All Girls' Social Club for the year 2021 are as follows:
Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200
| 31st December | 2020 | 2021 |
| D | D | |
| Stock at bar | 1400 | 1600 |
| Owing for bar supplies | 6500 | 7300 |
The value of purchases for the year is
The accumulated fund for a not-for-profit making organization is
The allocation of funds from treasury to accounting heads in public sector is
A business should not lay claim to any profit before it is earned. This is in accordance with the
The purchase day book is used to record
A partnership is formed by
Beauty started business with ₦40,000, made a profit of ₦50,000 and ended the year with ₦70,000 capital. What would have accounted for the closing capital?
The accounts maintained in the nominal ledger are
Profit distributed to ordinary shareholders of a limited liability company is
The accounting concept which is the basis upon which assets of a business are valued is the
One of the internal users of accounting information is the
Suppliers' personal account are found in the
In the final account of a limited liability company, debenture interest paid is recorded in the
Use the following information to answer the question
|
$ |
|
|
Trade creditors (31/12/2020) |
4,000 |
| Paid for purchases in 2021: Cheques | 110,000 |
| Carriage inwards | 1,000 |
| Trade creditors (31/12/2021) | 6,000 |
The balance c/d on trade creditors will be recorded in the balance sheet as
Use the following information to answer the question
| $ | |
|
Trade creditors (31/12/2020) |
4,000 |
| Paid for purchases in 2021: Cheques | 110,000 |
| Carriage inwards | 1,000 |
| Trade creditors (31/12/2021) | 6,000 |
The total purchase in 2021 is
Which of the following items is classified as capital expenditure in public sector accounting?
A reason a business is not able to keep full set of accounting records is that
The source of funds available to a local government/district assembly includes