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ln a not-for-profit organization, the accumulated fund is
The primary concern of shareholders in a business is the
To show the evidence of payment to a government ministry, the revenue collector issues a
When the letter "C" is written in front of an entry in the folio column of a cash book, it shows a
A quality of accounting information is that it should be
From the following, determine the value of the closing stock using:
Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦2.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 80 units @ ₦2.00 each
Feb 6 issued 20 units @ ₦1.00 each
In the preparation of account, the owners of the business and the business concerned are treated as:
Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?
One of the limitations of accounting is that
Given:
Fixed assets Liabilities Current assets |
₦ 55,000 20,000 13,000 |
What is the capital?
The objective of departmentalization is to
A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is
One of the objective of maintaining the account of a branch at the head office is to
The instrument isued by the Minister who authorized an officer to incure expenditure is a/an
An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is
Which of the following cannot depreciate?
Which of the following is not charged to the manufacturing account?
The manufacturing account is prepared to ascertain
In the preparation of statement of profit, if the opening capital is greater than closing capital, there will be
Use the information to answer this question
Payment to creditors ₦12,250
Creditors at start ₦550
Creditors at end ₦830
What is the creditors amount in the balance sheet?