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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?
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