Which of the following items does not feature in the balance sheet of a club? A Arrears of current year’s subscription B Salary arrears paid in the current year C Rental income received in advance D Advances subscription in respect …
Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on …
Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on …
Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above? A shares are never offered at a discount; the offer is invalid B the value of …
When a customer’s cheque is returned unpaid in a debtor’s control accounting system, the treatment will be? A debit bank, credit custmer and credit conyrol account B credit bank, debit customer, and credit control account C debit customer, debit control …
One of the advantage of the shortcomings of single entry procedures is that? A a trial balance is not available B profits are overestimated C there are no subsidiary books D there are no control accounts Answer is A
A fixed cost is fixed only in relation to? A the quality of goods produced B the quantity of goods sold C a given period of time and a range of activities D a given period of time and the …
The simplest form of single entry procedure consists fo keeping a? A day book or general journal B cash book and ledger accounts showing debtors and creditors balances C cash journal, sales journal and purchases journal D day book in …
Given: Sales Ledger Control Account (Extracts) Balance b/f N10,600 Total cash payments by debtors N32,275 Total credit sales N59,193 Discount received N9,700 Balance c/f N20,751 Discount allowed N2,890 Determine the sales returns? A N24,577 B N13,877 C N7,067 D N2,890 …
In a manufacturing company, the total cost of goods produced is equivalent to? A purchases B sales C cost of goods sold D cost of materials used Answer is A
An expenses account is closed by a debit to? A an asset account and a credit to the expenses account B the expenses account and a credit to an asset account C profit and loss account and a creit to …
Which of the following errors will affect the trial balance total? A posting disscount allowed to the debit side of the discount allowed account B omision of one account from the list when extracting from the ledger C failure to …