A. debit note B. cheque C. credit note D. payment voucher Correct Answer: Option C - credit note Explanation A…
Use the information below to answer this question. Timo and Chris are computer engineers who went into partnership as Teachi…
A. Materiality B. Accrual C. Going concern D. Business entity Correct Answer: Option A - Materiality Explanation Materiality states that…
A. expenses which can be identified with an allocated to cost centers B. aggregate direct material cost, direct labour cost…
A. drawing account B. capital account C. Creditor account D. Appropriation account Correct Answer: Option B - capital account Explanation…
A. 20,000 B. 18,000 C. 15,000 D. 12,000 Correct Answer: Option A - 20,000 Explanation Allotment = 500,000 = 0.4…
A. Market price B. Average method C. FIFO D. Standard price Correct Answer: Option B - Average method Explanation An…
A. N16,000 B. N17,000 C. N13,000 D. N14,000 Correct Answer: Option B - N17,000 Explanation 15000 + 2000 = 17,000
A. contra entry B. single entry C. journal entry D. memorandum entry Correct Answer: Option D - memorandum entry Explanation…
A. adds or contributes to the operating income of the business B. necessitates the introduction of additional capital C. reduces…