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Shares issued below nominal value are referred to as shares at
When shares are issued above their nominal value, the excess above the nominal value is
The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is
In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a
A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?
When an asset is sold, the entries for the accumulated depreciation are; debit
The sum of direct cost in a manufacturing account is
The accounting concept underlying the treatment of personal expenses of the business owner as drawing is
Which of the following items is not contained in the Receipts and Payments Account?
which of the following is not an administrative expenses in a manufacturing organization?
Net profit in a business is
Which of the following accounts would appear in the nominal ledger? i. Sanison's account(a debtor) ii. Motor vehicle account iii. Sales account iv. Rent and rates account
The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as
Which of the following is entered in the general journal?
An error of principle is made, if
Which of the following is used to record the disposal of a fixed asset?
Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is
Which of the following transactions will result in disagreement between the cash book and the bank statements?