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An example of a nominal account is
Set-off is carried out in the control account when
Capital and drawings accounts are kept in the
Use the following information to answer the question below
Cost of raw materials available------ 32,000
Manufacturing wages -----10,000
Factory expenses-----5,000
Royalty-------3,000
Factory rent ------2,000
Depreciation of plant and machinery---- 5,000
closing stock of raw materials-------- 3,000
Factory overhead cost is
Use the following information to answer the question below
Cost of raw materials available------ 32,000
Manufacturing wages -----10,000
Factory expenses-----5,000
Royalty-------3,000
Factory rent ------2,000
Depreciation of plant and machinery---- 5,000
closing stock of raw materials-------- 3,000
The prime cost is
A feature of government accounting is that the
Interim dividend paid in a year is
Uncredited cheques refer to cheques not yet credited
An effect of increase in the provision for depreciation is
The partner whose liability goes beyond his capital is a
Where there is provision for depreciation, fixed asset is shown in the balance sheet at
i. cost less depreciation for the period only.
ii. cost less total depreciation to date.
iii. written down values
Debtors Control Account is kept in the
Interest on drawings amounted to
Use the following information to answer the question below
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
Ogah Ajem
Capital Account 60,000 65,000
Current Account 40,000 50,000
Drawings 20,000 30,000
Salary 10,000 -
Netprofit was 100,000
Ajem's current account balance was
Use the following information to answer the question below
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3. Interest on capital and drawings were 5% and 3% respectively. The following details relate to the partnership for the year 2017.
Ogah Ajem
Capital Account 60,000 65,000
Current Account 40,000 50,000
Drawings 20,000 30,000
Salary 10,000 -
Netprofit was 100,000
Ogah's share of profit was
Sulah took two textile materials worth N500 from his business for his children's use. This would be treated as
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