Accounting

Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers’ Account

A. i and ii B. ii and iii C. i and iii D. i, ii and iii Correct Answer: Option…

6 years ago

Interest on capital is 10%, the net profit for the year is N40,000. Baba’s Current Account balance on 31st December, 2000 is

Use the following information to answer the given question Baba # Tunde # Capital Accounts 1 January, 2000 40,000 50,000…

6 years ago

Interest on capital is 10%, the net profit for the year is N40,000. Tunde’s Current Account balance on 31st December, 200 is

Use the following information to answer the given question Baba # Tunde # Capital Accounts 1 January, 2000 40,000 50,000…

6 years ago

Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is?

Use the following information to answer the given question Baba # Tunde # Capital Accounts 1 January, 2000 40,000 50,000…

6 years ago

Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde’s capital is?

Use the following information to answer the given question Baba # Tunde # Capital Accounts 1 January, 2000 40,000 50,000…

6 years ago

A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of

A. accrual B. materiality C. prudence D. going-concern Correct Answer: Option A A. accrual

6 years ago

A deduction from the sales price of goods that is allowed if payment is made within a specified period of time?

A. trade discount B. cash discount C. quantity discount D. rebate Correct Answer: Option B B. cash discount

6 years ago

Partner’s interest on capital is shown in the?

A. profit and loss Account B. partners fixed capital account C. profit and loss appropriation account D. trading account Correct…

6 years ago

A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of?

A. accrual B. materiality C. prudence D. going-concern Correct Answer: Option B B. materiality

6 years ago