Accounting

The quick ratio is?

A. 1:2 B. 1:3:1 C. 1.7:1 D. 3:1 Correct Answer: Option B - 1:3:1

4 years ago

The current ratio is?

A. 1:1 B. 2:1 C. 2.8:1 D. 3.5:1 Correct Answer: Option B - 2:1

4 years ago

Calculate the closing stock under FIFO method?

A. N875 B. N675 C. N600 D. N300 Correct Answer: Option B - N675

4 years ago

Determine the closing stock under LOFO method?

A. N575 B. N500 C. N375 D. N275 Correct Answer: Option A - N575

4 years ago

The capital employed is?

A. N13 000 B. N9 900 C. N8 400 D. N9 000 Correct Answer: Option C - N8 400

4 years ago

Musa merchants Trading and profit and Loss Account for the year ended Dec. 31st; 2003 Determine the closing stock

A. N20 000 B. N30, 000 C. N40 000 D. N50,000 Correct Answer: Option C - N40 000

4 years ago

The tier of government that uses financial memorandum is the?

A. federal government B. state government C. local government D. municipal government Correct Answer: Option C - local government

4 years ago

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

A. cash accounting B. commitment accounting C. fund accounting D. accrual accounting Correct Answer: Option D - accrual accounting

4 years ago

A company paid cash in redemption of N10000 debenture. The accounting entry to record this will be to debit?

A. cash and credit debenture B. debenture and credit cash C. cash and credit capital D. capital and debit cash…

4 years ago

When assets are realized during a partnership dissolution; the entries for the proceeds are to debit?

A. cash account and credit realization account B. rassets account and credit realization account C. realization account and credit realization…

4 years ago
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