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Where fixed capitals are maintained in a partnership, share profits are
The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is
Purchases of fixtures and fittings by a club is recorded in the
Which of the following is a credit item in an income and expenditure account?
Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?
Partly manufactured goods are treated in the balance sheet of a manufacturing company as
Which of the following expenses constitutes prime cost?
I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent
Use the following information to answer this question.
Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.
The total costs of the computers is
Use the following information to answer this question.
Acquisition cost of computers - Le 80,000
Installation cost - Le 20,000
Estimated residual value - Le 4,000
Estimated useful life - 5 years.
The depreciable value of computers is
Which of the following would result from an increase in the provision for doubtful debts?
Use the following information to answer this questions.
Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.
The balance sheet as at 31st December 2014 will show
Use the following information to answer this questions.
Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.
Rent for 2014 chargeable to the profit and loss account is
The excess of cost of goods sold over net sales is
The balance sheet is prepared to reveal
Which of the following items is a current liability?
In accounting context, purchases refer to
In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the
Which of the following items of expense involves actual cash payment?