Accounting Past Questions

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

Which of the following is a debit item in the purchase ledger control account?

The interest on partner's loan is

The principle of double entry system ensures

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

Determine the adjusted net profit

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

A source document is used for verifying the 

Recurrent expenditures are expenses for the period not exceeding

The prime cost is the total of the

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Zahki Plc balance sheet (extract) as at 31st December 1997.

                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000          Investment           180,000
Long-term loan               180,000          Stock                      28,000
                                                              Debtors                  90,000
Creditors                        200,000          provision(3000)      87,000
Other current liabilities    100,000         Cash                       60,000
                                                              Bank                     100,000
                                        755,000                                   755,000     

Determine the owner's equity

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Zahki Plc balance sheet (extract) as at 31st December 1997.

                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000      Investment           180,000
Long-term loan               180,000      Stock                      28,000
                                                           Debtors                  90,000
Creditors                        200,000       provision(3000)      87,000
Other current liabilities    100,000      Cash                       60,000
                                                           Bank                     100,000
                                        755,000                                   755,000     

The quick ratio is
 

The corresponding entry of personal accounts  found in the debit side of the cashbook is to 

The two legally recognized professional accounting bodies in Nigeria are the 

The formular for calculating depreciation using straight line method is

The issued share capital is the number of shares that are 

Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.

From the above, which of the following is delivered to the registrar of companies for incorporation?

The major objectives of departmental account is to ascertain the