by Sunday | Nov 28 | Accounting JAMB
A. gross sales B. gross profit C. net profit D. net sales Correct Answer: Option B – gross profit Explanation The gross profit formula is calculated by subtracting total cost of goods sold from total sales.Both the total sales and cost of goods sold are found on...
by Sunday | Nov 28 | Accounting JAMB
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 C. N7,940 D. N1,228 Correct Answer: Option B – N8,263 Explanation In accounting, current liabilities are often understood as all...
by Sunday | Nov 28 | Accounting JAMB
A. ensures proper accountability for every expenditure B. trains the young accountants in the preparation for greater responsibility C. relieves the chief cashier of the numerous petty cash payments D. serves as an analysis column for every expense Correct Answer:...
by Sunday | Nov 28 | Accounting JAMB
A. error of omission B. error of commission C. error of transposition D. error of original entry Correct Answer: Option C – error of transposition Explanation Trial balance is prepared when transactions posted into the accounts are balanced up. The trial balance...
by Sunday | Nov 28 | Accounting JAMB
A. virement B. fund accounting C. consolidated fund D. financial regulation Correct Answer: Option B – fund accounting Explanation Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing...
Land Law and the Consequences of Unauthorized Land Transfers in Nigeria
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