Purchase ledger opening balance N4,000 sales ledger opening balance N6,000 credit purchase N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit…
Purchase ledger opening balance N4,000 sales ledger opening balance N6,000 credit purchase N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit…
Direct material N2,500 Direct labour N5,000 Direct expenses N1,000 Overhead expenses N1,500 A. N6,500 B. N 8,500 C.…
A. the efficacy of assets B. a company's shareholding C. company's economic resources D. an entity's management Correct Answer: Option…
A. the various location of errors in the various accounts B. up to date bank transactions C. the payment of…
A. gross sales B. gross profit C. net profit D. net sales Correct Answer: Option B - gross profit Explanation…
N Creditors 7,940 Prepaid expenses 290 Accrual expenses 323 Stock 4,500 Cash balances 4,956 Debtors 905 A. N8,553 B. N8,263…
A. ensures proper accountability for every expenditure B. trains the young accountants in the preparation for greater responsibility C. relieves…
A. error of omission B. error of commission C. error of transposition D. error of original entry Correct Answer: Option…
A. virement B. fund accounting C. consolidated fund D. financial regulation Correct Answer: Option B - fund accounting Explanation Fund…