i. wages ii. discounts allowed iii. purchases A. i B. ii C. iii D. i, ii and iii E. i…
A. N42,500 B. N40,500 C. N40,000 D. N38,000 E. N32,000 Correct Answer: Option C - N40,000
A. materials consumed B. direct labour C. direct overhead D. administration overhead E. work-in-progress Correct Answer: Option D - administration…
A. goods purchased B. goods sold C. excess stock D. goods for production E. goods returned to stock Correct Answer:…
A. liability of the business to its proprietor B. money owed by the company to others C. money owed to…
A. goods available would be understated and gross profit overstated B. goods available and gross profit would be understates C.…
i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book…
A. voucher B. warrant C. estimate D. provision E. vote Correct Answer: Option B - warrant
A. bill B. invoice C. till book D. payment voucher E. local purchase order Correct Answer: Option D - payment…
A. offered for sale B. called up C. approved in the memorandum of association D. subscribed E. paid up Correct…