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Bank reconciliation statement is prepared to reconcile the differences between
One of the purchases invoices of Mr.Dauda showed D96,240 less 12 \(\frac{1}{2}\)% trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is
Cash paid to jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of
A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?
A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is
Which of the following errors are errors of commission?
I. A cheque paid to Adam debited to Adam's account.
II. Credit sales to Eva credited to sales account but debited to Eve's account.
III. Furniture repairs debited to furniture account.
IV. Credit purchases from Manu credited to Manu's account.
Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit
Which of the following are impersonal accounts ?
I. Investment
II. Creditors
III. Premises
IV. Debtors
V. Salaries
Every asset should have
External users of accounting information include
Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit
The difference between book keeping and accounting is that while
Which of the following expenses relate to the profit and loss account of a manufacturing firm?
The objective of departmental account is to
A business organization prepares departmental account in order to
An increase in government expenditure within a year is taken care of by means of