Accounting

How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?

A. N1,250 B. N1,200 C. N1,000 D. N250 Correct Answer: Option B B. N1,200

6 years ago

Bills receivable is a?

A. current liability B. current asset C. long-term liability D. fictitious asset Correct Answer: Option B B. current asset

6 years ago

The double entry for increasing provision for bad debt is debit?

A. debtor's account, credit provision for bad debt account B. profit and loss account, credit debtor's account C. debtor's account,…

6 years ago

Which of the following is not an example of input device?

A. card reader B. keyboard C. visual display unit D. central processing unit Correct Answer: Option D D. central processing…

6 years ago

An account is said to have a debit balance because?

A. the first entry made in it is on its debit side B. there are more entries on the debit…

6 years ago

The accounting entry for depreciation at the end of each year is to debit?

A. provision for depreciation account and credit machinery account B. provision for depreciation account and credit profit and loss account…

6 years ago

The vote book in Public Sector Accounting is used to?

A. register the names of voters B. control expenditure C. control government policy D. record revenue accruing to the government…

6 years ago

Which of the following is not a petty cash book item? purchase of

A. stationery B. postage stamps C. cutlass for gardners D. machinery Correct Answer: Option D D. machinery

6 years ago

In computing, ALU stands?

A. accounting logic unit B. arithmetic logic unit C. access logic unit D. additional liability unit Correct Answer: Option B…

6 years ago