J accounting 20

The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as

The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit

The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?

The interest on Keme's drawings is calculated as?

Use the information below to answer questions

Purchase:..Raw materials..............N15 000
Finished goods...........................N11 400
Stock:.(1/7/01)Raw materials.........N2 250
Work-in-progress.........................N1 875
Wages:.....Direct........................N17 100
Indirect.................................N5 400
Stock:(30/06/02)Raw materials...N3 000
Work-in-progress.........................N3 375

The cost of raw materials consumed is?

In dealing with incomplete records, fixed assets are posted to?

Which of the following methods of communication invoicing goods to branches facilitate easy checks on the activities of branches?

The market value of goods produced is?

keeping records under the single entry system has the advantage of?

If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?

The principle use of control accounts is to

Which of the following accounting records are source documents?

Use the information to answer this question.
..............ZEBRA PLC..............
.............Balance sheet as at 31st March, 2002
...............N...............N............N......
Capital......100,000...Fixed assets:
Current................Land &..................
Liabilities...........buildings..50,000......
Creditors........30000..Furniture..10,000....60,000
.......................Current..................
.......................Assets: .......
..................Stock .........30,000...........
..................Debtors.......30,000.............
..................Cash..........10,000......70,000..
.............130,000.........................130,000
The business was acquired on 1st April, 2002 at a purchase consideration of N120,000 by SOZ. All assets and liabilities were taken over except the cash to open the new firm's bank account additional N20,000 was paid into the bank. The goodwill on purchase is

When a bill is negotiated to a bank, it is said be?

Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?

An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?

The main difference between the ordinary and preference shareholders is that?

The part of equity which is payable on winding up is called?

Calls in advance are treated in the balance sheet as_______

Show how the following transaction will be recorded applying the double entry principle: Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

Determine the year's purchase from the following information relating to a firm. Total creditor''s b/f N 7,200. Total cash payment to suppliers N 98,800. Total creditors c/f N 8,400

After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?

The process of bookkeeping includes records produced from?

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

Which of the following branches of accounting was first developed?

Which of the following is a signatory to federal government account?

The receipt from a special tax levy to pay maturing interest obligation are recorded in

The fixed amount of money given to a petty cashier at the beginning of a period is called?

The expenses incurred in promoting a company are?

The acid test ratio in the company is

The accounting entries for goods stolen in branch will be to debit

In the preparation of account, the owners of the business and the business concerned are treated as:

The debenture issued at par above the nominal value is said to be issued at a

Use the information below to answer questions. On January 1/2005, a machine was bought for N56,000 to last for five years with a residual value of N1000. the rate of the yearly depreciation expense would be?

The formula for calculating depreciation using straight line method is

The accounting method that reports incomes when earned and expenses when incurred is called?

The two legally recognized professional accounting bodies in Nigeria are the?

An instrument which allows public officers to increase expenditure within a year is

Petty cash book records transactions on