ACC102
Question: The initial investment of the business owner in the company is reffered to as
Answer: A and B above
Question: The value derived by adding the purchases to opening stock then deducting the closing stock (in absence of any other information) is known as
Answer: Cost of goods sold
Question: Which of the following will appear on the credit side of the purchases ledger control account?
Answer: Credit purchases
Question: After the initial development of accounting following Lucia PacioliYs publication in 1494 other changes witnessed in accounting were informed by:
Answer: All of the above
Question: In the financial statements of an organisation accruals are treated as
Answer: Current liabilities
Question: A business entity that applies the same methods, policies and estimation techniques in preparing its financial statements from year to year is observing which accounting concept?
Answer: Consistency concept
Question: The sales returns day book records
Answer: Goods sold on credit that are returned by customers
Question: The qualitative characteristic of accounting information that discourages changes in the basis for preparation of accounting information from period to period is
Answer: Comparability
Question: An entity values its closing inventory on the basis of lower of cost and net realisable. If cost of inventory is N600,000 and net realizable value of inventory is N615,000, what is closing inventory?
Answer: N600,000
Question: Which of the following errors affect the trial balance?
Answer: Costing error
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