When there is inflation, the historical cost convention has the effect of….

On 1 May, East owed a supplier N1,200. During the month of May, East:(1)Purchased goods for N1,700 and the supplier offered a 5% discount for payment within the month.(2)Returned goods valued at N100 which had been purchased in April. (3)Sent a cheque to….

N operates an imprest system for petty cash. On 1 February, the float was N300. It wasdecided that this should be increasedto N375 at the end of FebruaryDuring February, the cashier paid N20 for window cleaning, N100 for stationery and N145 forcoffee and…..

On 1 May, A pays a rent bill of N1,800 for the twelve months to 30 April. What is the charge/credit to the income statement for the year ended 30 November?..

Which of the following are used in a coding system for accounting transactions?…

Zâ??s bank statement shows a balance of N825 overdrawn. The bank statement includes bankcharges of N50, which have not been entered in the cash book. There are unpresentedcheques totalling N475 and deposits not yet credited of N600. The bank statement i…..

The core objective of accounting is….

Which ONE of the following best describes the stewardship function?…

Which ONE of the following attributes is the most important for any code to possess in order to be of use in an accounting system?….

The difference between an income statement and an income and expenditure account is that….

Which one of the following should be accounted for as capital expenditure?…

The core objective of accounting is….

B operates the imprest system for petty cash. At 1 July there was a float of N150, but it wa sdecided to increase this to N200 from 1 August onwards. During July, the petty cashier received N25 from staff for using the photocopier and a cheque for N90 wa….


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