Accounting Past Questions

Companies issue shares to the public in order to 

When bank charges are deducted from a customer's account, the balance on the bank statement would be

Where fixed capital account is maintained, partners Share of profit is transferred to the 

When closing stock is undervalued, the cost of goods sold would be 

Goods bought from Sanmah for Le1,600 was entered into Shamail's Account. This is an error of

In a single-entry accounting, purchases are ascertained using a

Use the following information to answer the question below

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

The working capital is

Use the following information to answer the question below

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

The closing capital is

Quick ratio is calculated as X-y:z, where

The mark-up on a product is 2/3. The margin is 

The directors of Olu Ltd. recommended a dividend of 10% on 1,000,000 ordinary share capital of N2.00 each. The amount of dividend declared is 

Goodwill is recognized in partnership when 

Use the following information to answer the question below

April 11: Sold goods for cash N50,000 
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp N5,000 
April 28: Cash sales N49,000
April 29: Cash purchases N11,000
April 30: Paid salaries N18,000

The cash balance at the end of the period is

Use the following information to answer question below

April 11:Sold goods for cash N50,000 
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp N5,000 
April 28: Cash sales N49,000
April 29: Cash purchases N11,000 
April 30: Paid salaries N18,000 

Total cash receipts for the period is 

The concept which seeks to prevent profits from being overstated is 

Kadiri paid his debt to Suleman by cheque. The accounting entries in Kadiri s books are: debit

In public sector accounting, salaries of employees are classified as 

Use the following information to answer questions the question below
                         01/01/17    31/12/17
Trade creditors   630,000    780,000
Stock                 540,000     480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

What was the purchase for 2017

Use the following information to answer questions the question below
                         01/01/17    31/12/17
Trade creditors   630,000    780,000
Stock                 540,000     480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

The cost of goods sold was?