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The major feature of a journal is that it has
A major cause of discrepancy between the bank statement and the cashbook that overstates the bank statement balance is the
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₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
What is the net working capital?
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₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
Calculate the capital of the business.
One of the major features of book keeping is that it
The amount of subscriptions accrued is reported in the balance sheet under
Accrual accounting differs from cash accounting because it recognizes
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Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
What was the balance of cash with the petty cashier at the end of period 1?
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Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1: ₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
How much should the petty cashier receive after period 2?
The rule of accounting equation requires that account payable should be placed under
In a control account, provision for bad debts is found on the
Given ₦
Stock (1/4/94) 800
Purchases of flour 2,450
Sales 4,745
Wages of bakery staff 675
Carriage outwards 50
Salary of administrative staff 225
Stock (31/3/95) 940
Capital 1,540
Calculate the cost of goods sold.
Danjuma Ltd. bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?
Which of the following errors will affect the trial balance total?
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₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and
administration expenses 526,000
Discount received 9,650
Opening stock 98,800
What is the gross profit for the period?
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₦
Capital: Opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling, general and
administration expenses 526,000
Discount received 9,650
Opening stock 98,800
Calculate the closing stock for the period.
₦
Bank account 59,410
Capital account 50,000
Purchases account 20,000
Rent 2,500
Stationery 90
Typewriter 6,500
Sales 38,500
In preparing a trial balance from the list of balances given above, what is the total in debit and credit columns?
In preparing accounting records, the owners of a business and the business are treated as
Which of the following accounting records are source documents?
Under which of the following conditions is a partnership dissolved?