J accounting 21

Capital and revenue expenditures of government are usually accounted for under funds which include

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

Given:
₦
Bank overdraft       2,000
Cash                      2,000
Furniture                4,000

Derive the total amount on the credit side of the trial balance

Which of the following is a debit item in the purchase ledger control account?

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.

₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000
Profit and loss account     60,000          Investment           180,000
Long-term loan               180,000          Stock                      28,000
Debtors                  90,000
Creditors                        200,000          provision(3000)      87,000
Other current liabilities    100,000         Cash                       60,000
Bank                     100,000
755,000                                   755,000

Determine the owner's equity

The corresponding entry of personal accounts found in the debit side of the cashbook is to

The formular for calculating depreciation using straight line method is

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

Sales ledger control account contains the total amount in respect of

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A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The second final call account was debited with

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

Given:

Use the information below to answer this question

A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000
shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis. The share premium account would be

Use the information below to answer this question:

i. cash at bank

ii. cash in hand

iii. premises

iv. land

v. creditors

vi. loan from friends/bank

What are the current assets?

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.

₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000
Profit and loss account     60,000      Investment           180,000
Long-term loan               180,000      Stock                      28,000
Debtors                  90,000
Creditors                        200,000       provision(3000)      87,000
Other current liabilities    100,000      Cash                       60,000
Bank                     100,000
755,000                                   755,000

The quick ratio is

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of ₦180,000 it is however discovered that revenue of ₦15,000 is recorded as expenses while expenses of ₦4,000 is recorded as revenue.

Determine the adjusted net profit

Recurrent expenditures are expenses for the period not exceeding

The major objectives of departmental account is to ascertain the

The issued share capital is the number of shares that are

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

The two legally recognized professional accounting bodies in Nigeria are

The ordinary shareholders enjoy the following right except the right to

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It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

What is the net profit made by department A?

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

Given:
₦
Total debtors b/d 31/12/99                    25,000
Cheques received from debtors         255,000
Total debtors c/d 31/12/00                    15,000

Calculate the sales figure

The prime cost is the total of the

Which of the following stock valuation method is suitable under inflationary conditions?

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of ₦180,000 it is however discovered that revenue of ₦15,000 is recorded as expenses while expenses of ₦4,000 is recorded as revenue. The revenue to be added as an adjustment is

Given:

i. The memorandum of association of the company

ii. The article of association of
the company

iii. The incorporation documents.

From the above, which of the following is delivered to the registrar of companies for incorporation?

Use the information below to answer this question:
i. cash at bank

ii. cash in hand

iii. premises

iv. land

v. creditors

vi. loan from friends/bank

Determine the fixed assets

A source document is used for verifying the

The principle of double entry system ensures

The interest on partner's loan is

Given:

Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900

Determine the total factory overhead cost?

The excess of income over expenditure is usually transferred to the