₦ Plant and Machinery 190000 Motor Vehicle 170000 Stock 60000 Current Liabilities 50000 Purchase consideration 400000 A. ₦110 000…
A. current asset B. current liability C. fixed asset D. long term liability Correct Answer: Option B - current liability…
₦ Stock Jan 1 2600 Purchases 4000 Carriage inwards 500 Sales 9000 Carriage outwards 500 A. ₦4,000 B. ₦4,500…
A. Entrance fees B. subscription/dues C. ordinary shares D. Donations Correct Answer: Option C - ordinary shares Explanation Ordinary shares:…
A. provisional general warrant B. annual general warrant C. Reserved expenditure warrant D. contingencies Correct Answer: Option A - provisional…
i. partnership is dissolved ii. There is an amalgamation of partnership iii. There is a change in the profit or…
A. complex B. quantitative C. relevant D. qualitative Correct Answer: Option C - relevant Explanation The first thing to be…
A. To record assets and liabilities B. To update income and expenses C. to update master files D. to make…
A. original entry B. contra entry C. prime entry D. contract entry Correct Answer: Option B - contra entry Explanation…
A. Sales day book B. Sales return journal C. Purchases day journal D. Cash book Correct Answer: Option B -…