Accounting

What is the net profit made by department S?

A. N3,600 B. N,3000 C. N2,400 D. N2,000 Correct Answer: Option C - N2,400

4 years ago

The statement of assets and liabilities in the public sector can be described as the?

A. income and expenditure account of government B. appropriation account of government C. balance sheet of government D. funds flow…

4 years ago

The budget statement presented to the legislature by the Chief Executive is called?

A. an appropriation act B. a budget bill C. an appropriation bill D. a budget proposal Correct Answer: Option A…

4 years ago

According to the provisions of the 1999 Constitution; all revenues generated by the Federal Government must be paid into the?

A. Consolidated Revenue Fund B. Federation Account C. Revenue Mobilization Allocation and Fiscal Commission's Account D. Equalization Fund Correct Answer:…

4 years ago

Share premium is an example of?

A. revenue reserve B. capital reserve C. general reserve D. loan capital Correct Answer: Option B - capital reserve

4 years ago

The expenses incurred in promoting a company are?

A. promoters' expenses B. floating expenses C. preliminary expenses D. the borad's expenses Correct Answer: Option C - preliminary expenses

4 years ago

Debentures can be redeemed out of?

A. existing share capital reserve B. existing general reserve C. proceeds from new issue of shares D. withholding tax Correct…

4 years ago

The accounting entry to record the premium on goodwill is to debit?

A. cash and credit old partners' capital B. goodwill and credit revaluation C. assets and credit capital D. capital and…

4 years ago

When a new partner is admitted to a partnership; there is a need to revalue the?

A. capital of the business B. capital and liabilities of the business C. assets and capital of the business D.…

4 years ago

What is Kunle’s share of the profit?

Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides…

4 years ago