Accounting term used to describe the excess of current assets over current liabilities is
Payment of salaries to partners is
A business which converts raw materials to finished goods prepares
Which of the following statements is not true of a non-profit making organization?
The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as
The trading Account is usually headed
Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases
The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?
In a manufacturing organization, which of the following expenses does not elate to cost of production?
Carriage outwards is accounting term for amount spent on
Capital is the
If the Opening stock is undervalued
Where the cash book does not show a credit balance in a bank reconciliation: Unpresented cheques are book i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book balance
The authority of the accountant-General to disburse from government fund is called
The document evidencing a disbursement of government fund is known as
The authorized share capital of a limited liability company is the number of shares
Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to
Which of the following is in the personal Ledger?
Discount allowed is a charge to
N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are
Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date