J accounting 15

Which of the following is not a proper form of the accounting equation

Accounting information is used by investors and creditors of a company to predict

To realize an asset means to

The act of making necessary adjustment after comparing the actual cost with targeted cost
is cost

The accounting concepts which assumes that business will continue to be in existence into
the foresee ablefure is

Use the information below to answer this question.A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue. What is the nominal value of each share?

The following account are prepared when goods are sent to branch except

If a trail balance is in agreement, one of the statement is untrue

Which of the following is shown in the profit and loss appropriation account of a company

Goods stolen at the branch is debited to

The interest of a petty cashier is ₦2450
Expenses N Printing 420 Cleaning 250 Stamp and postage 175 How
much was received to maintain the interest at the end of the month?

If sales return is understated, it implies that ------------------------------ is overstated

Calculate the total purchase of a business from the given information:

cash purchases 3000

payments to creditors 54,000

creditors at the beginning 4000

creditors at the end 2,000

Use the information below to answer this question:
Stock 11,250
Debtors 18,750
Creditors 3,750
Bank 4,000
Net profit 7,500
Net 60,000
Determine the debtors collection period.

The following accounting entries are made when bad debt is recovered

Which of the following cannot be realized?

One of the items listed below will not be found in a company’s memorandum and article of
association. Which is it?

What is the ledger entry for sale of generator on credit to Patrick?

Sai Baba made sales of ₦10,000 having computed his gross profit % to sales to be 20. His
opening stock was ₦250 and ending stock is ₦200. Calculate his purchases.

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

A sales for ₦2,570 was recorded in the sales day book as ₦2750. The error committed was

Use the information below to answer this questionSegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000.

Determine the closing capital 31/12/2014

The basis of accounting for public sector is

Use the following information to answer this question.

Club building 400,000

Subscription prepaid 3,000

Sport kits 150,000

Bar creditors 85,000

Subscription owing 32,000

What is the club’s total liabilities?

Keeping records under single entry system has the advantage of

The accounting convention that state that stock should be value that the lower of cost and
net realized value is --------------- convention

If the partnership agreement does not specify how net profit is to be divided, the profit should be divided ----.

The income and expenditure account of a club is the same as

Capital reserves includes the following except

If rent account is debited instead of rate account, the error committed is that of;

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as

When shares are sold at more than the per value, they are said to have been issued at

Which of the following is not a feature of accounting information?

Use the information below to answer this question.Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of₦12,000 furniture worth of ₦18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth ₦35,000.What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

The ware and tear of a fixed assets of a company which is chargeable to company’s
financial statement is called

Use the information below to answer this question.Dangote acquired Dantata’s business for ₦350,000. The total asset work were ₦820,000 and liabilities amounted to ₦640,000. The double entry to record the goodwill in the books is debt

Which of the following accounts is debited when a delivery van is sold for cash?

The purpose of a trading account is to ascertain

The loss made by a non profit making organization is called

An advantage of using accounting ratios is that

Use the information below to answer this question:
Raw materials Jan. 5,000
Raw materials Dec. 5,800
Purchase of raw materials 45,000
Salary 61,000
Plant depreciation 1,300

Factory insurance 1,250
Factory lubricant 2,050

The prime cost for the company is

Use the information below to answer this question.

A business has three departments x, y and z

You are given the following information

Selling and distribution expenses N5200
Rent for the yearN6000
Department turnover floor space in square metres

X N60,000 80

Y N80,000 60

Z N100,000 60

How much rent is apportioned to department Z?

Preliminary expenses is an example of

Use the information below to answer this question.

The process of cost apportionment is carried out so tha

Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?

Use the information below to answer this question.

Jejelaye Plc stock records for 2009 was given below:

Jan 1 received 100 units at N1.00

Jan 8 received 260 units at N1.05

Jan 20 issued 700units at .........

Feb 3 received 400 units at N1.15

What will be the issued price of 700 units, using simple average method

What does liquidity ratio measure?

Which of the following is true in public sector accounting? Cost of assets is