The current assets less current liabilities is
- A. working capital
- B. capital employed
- C. fluctuating capital
- D. fixed capital
An amount of Le2000 received from a customer, Koffi has been credited to another customer, Kofigo’s account. This is an error of?
- A. principle
- B. commission
- C. original entry
- D. complete reversal
Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10% and cash discount is 10% within 30 days and 5% within 60 days.
The amount payable if payment is made on the 40th day is………..
- A. 88,920
- B. 84,240
- C. 80,028
- D. 72,025
Tei Ltd offered 1,560 units of magazines at N60 each. Trade discount is 10% and cash discount is 10% within 30 days and 5% within 60 days.
The cash discount allowed on the 50th day is?
- A. 9360
- B. 8,424
- C. 4680
- D. 4212
A reduction n price to encourage prompt payment is……..
- A. trade discount
- B. quantity discount
- C. cash discount
- D. seasonal discount
Entries in the purchase journal are transferred to the ………….
- A. receivable ledger
- B. payable ledger
- C. general ledger
- D. private ledger
The apportionment of the cost of a fixed asset to the profit and loss account is termed?
- A. expense
- B. depreciation
- C. loss
- D. appreciation
The claim of a proprietor of a business entity on its assets is…………….
- A. laibilities
- B. capital
- C. drawings
- D. funds
A document forwarded to a supplier showing unsatisfactory goods is…………………………..
- A. debit note
- B. credit note
- C. invoice
- D. waybill
Credit notes received are source documents for………
- A. returns inwards journal
- B. returns outwards journal
- C. purchase journal
- D. sales journal
Which of the following transactions is a revenue expenditure?
- A. purchase of plant
- B. purchase of a new engine
- C. construction of office wall
- D. purchase of fuel for vehicle
Which of the following items is found on the debit side of the trial balance?
- A. provision for doubtful debts
- B. discount allowed
- C. discount received
- D. returns outwards
One of the characteristics of useful accounting information is——–
- A. profitability
- B. comparability
- C. efficiency
- D. liquidity
Investors in a business are mainly interested in firm’s——–
- A. liquidity
- B. debt
- C. management
- D. profitability
1) Differentiate between Public sector accounting and Private sector accounting
2) Sources of revenue for a local government
3) Items of expenditure of a local government
a) What is Goodwill?
b) Conditions under which Goodwill is valued in a Partnership
c) Contents of a partnership agreement
1. What is depreciation?
2. What factors determine depreciation charges?
3. Reasons for providing depreciation
(a) Objectives of Financial Accounting
(b)Characteristics of good accounting information
(c) Users of accounting information and their interests