A. Last in First Out B. weighted average C. First in First Out D. Simple average Correct Answer: Option A…
A. General reserve fund B. Consolidated Reserve Fund C. contingencies fund D. special fund Correct Answer: Option C - contingencies…
N Debtors opening 4000 Debtors closing 1500 Cash received from debtors 8500 Bad debts written off 350 Discount allowed 500 …
A. Unpresented B. Dividend C. Uncredited cheque D. credit transfer Correct Answer: Option C - Uncredited cheque Explanation Uncredited cheque:…
Given: I. Cash refunds II. Debit note issued III. Dishonored cheque IV. Purchases A. I, II and III only B.…
A. trading account B. appropriation account C. balance street D. profit and loss account Correct Answer: Option D - profit…
A. trading account B. appropriation account C. balance sheet D. profit and loss account Correct Answer: Option B - appropriation…
A. Subscription B. shares C. donation D. gift Correct Answer: Option B - shares Explanation Share: profit making organizations use…
A. partners capital account B. revaluation account C. partners current account D. Realization account Correct Answer: Option D - Realization…
A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of…