Use the information below to answer the question that follows, A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000. The yearly depreciation using the straight line method would be? …
Use the information below to answer the question that follows, A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000. If the scrap value is now N15,000. What will be …
Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit A Saka’s account and credit discount received account B Alaka’s account and credit discount received account …
The difference between book keeping and accounting is that while A book keeping interprets data, accounting records it B book keeping is regarded as the language of the business accounting ascertians its strength and weakness C book keeping records data …
Which of the following expenses relate to the profit and loss account of a manufacturing firm? A Administrative overhead B Direct labour C Direct materials D Work-in-progress Answer is A
The objective of departmental account is to A ascertain the amount of profits or losses for the enterprise B ascertain the amount of profits or losses for each department C ascertain the cost of running the organization D offset the …
A business organization prepares departmental account in order to A asertian the contribution of each department to the organization B ascertain interdepartmental transfer C build other branches D know the number of departments in the organization Answer is A
An increase in government expenditure within a year is taken care of by means of A virement B financial regulations C supplementary estimate D warrant Answer is B
When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of A capital reserve B revenue reserve C net income D net loss Answer is A
Which of the following is accounted for in receipts and payments account? A Accrued expenses on annual dances B Subscriptions due but not yet received C interest on bank deposit D Depreciation of the club house Answer is C
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts. Find the amount for sundry debtors after provision. A #744,800 B #760,000 C #784,000 D #744,000 Answer is D
When stock is withdrawn for personal use, the accounting entries is to debit A stock account credit drawings B drawing account, credit stock account C personal account credit cash account D cash account, credit personal account Answer is B