Accounting Past Questions

The accounting concept which distinguishes an enterprise from its owners is 

A trader adds 25% on cost as profit. The profit on sales of $300,000 would be 

The purpose of preparing a trading account is to ascertain 

Recognition of profit when goods are sold and the buyer takes ownership of them is in line with
 

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        -
Net profit for the year was 40,500 and the interest on capital was 5% per annum

Bubu's share of profit is

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        -
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The balance in Chikum's Current Account is
 

Use the following information to answer the question below
Ata. Bubu and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:

             Capital     Drawings
Ata       40,000       8,000
Bubu    30,000      5000
Chikum 20,000        -
Net profit for the year was 40,500 and the interest on capital was 5% per annum.

The profit available for sharing by the partners is 
 

A total of D 9,160 was entered in the sales account as D9,610. To correct this error: debit 

A debit balance of N420 on the purchases ledger control account means that the 

The document which serves as the authority to incur expenditure in the public sector is 

In a situation of incomplete records, profit is determined as 

An office equipment bought for use was found to be defective and returned to the supplier. The subsidiary book to record this transaction is 

Use the following information to answer the question below

Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors

The provision for doubtful debts to be charged to the Profit and Loss Account is

Use the following information to answer the question below

Provision for doubtful debts------1,000Cr
Bad debts--------500Dr
Debtors-------50,000Dr
Additional bad debts to be written off-----500
New provision for doubtful debts to stand at 5% of debtors

The net figure for debtors in the balance sheet is 

A credit purchase of N200 from Osae was posted to the account of Osei. This is an error of 

The double entry for interest on drawings by a partner is: debit 

When bank charges are discovered in a bank statement, the adjustment is effected in the 

A debit entry in a fixed asset account represents 

Subscription owing $ 6,000 (31/12/2014);
Subscription in advance $ 4,000 (31/12/2014);
Cash received as subscription during the year was $ 80,000.
 

The subscription for the year 2014 was?