Use the information below to answer question ............................31/12/07.......31/12/08 Stocks........................N4 200.........N3 900 Rates in advance..............N1 000.........N1 500 Accrued wages.................N1 150.........N1 350…
Use the information below to answer question ............................31/12/07.......31/12/08 Stocks........................N4 200.........N3 900 Rates in advance..............N1 000.........N1 500 Accrued wages.................N1 150.........N1 350…
A. have a higher cost of goods sold B. have a higher gross profit C. pay higher gross profit D.…
A. updated at the end of the accounting year B. not considered in the updating process C. updated continuously D.…
Use the information below to answer questions Sundry debtor..................N20,000 Provision for bad debts........N500 Provision for bad debt at 4% of…
Use the information below to answer questions Sundry debtor..................N20,000 Provision for bad debts........N500 Provision for bad debt at 4% of…
A. accruals B. prepayments C. acquisitions D. provisions Correct Answer: Option A - accruals Explanation Accruals are expenses incurred but not yet paid…
A. dividend received B. uncredited expenses C. uncredited cheques D. interest on lodgement Correct Answer: Option C - uncredited cheques Explanation Uncredited cheques: These…
A. transaction B. turnover C. transfer D. cash received Correct Answer: Option B - turnover Explanation Charge on turnover (COT) also known as…
A. commission paid B. interest received C. direct payment D. direct withdrawal Correct Answer: Option B - interest received Explanation…