Accounting Archives - Page 177 of 386

In the head office ledger; the value of goods sent to the branch are _________?

A. Debited to the branch current account B. Debited to the head office current account C. Credited to the head office current account D. Credited to the branch current account Correct Answer: Option B – Debited to the head office current account Explanation...

When goodwill is not retained in the business; the entries in the new partners books will be to debit _________?

by Sunday | Nov 28 | Accounting JAMB

A. Goodwill account and credit partners capital account B. Cash account and credit goodwill account C. Goodwill account and credit cash account D. Partners capital account and credit goodwill account Correct Answer: Option D – Partners capital account and credit...

The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as?

by Sunday | Nov 28 | Accounting JAMB

A. Call in advance B. call in arrears C. forfeiture D. shares Correct Answer: Option B – call in arrears Explanation Is the amount called by the company which is not paid by the shareholders before the due date fixed for...

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the ______?

by Sunday | Nov 28 | Accounting JAMB

A. Accountant general B. Finance minister C. Auditor general D. Permanent secretory. Correct Answer: Option C – Auditor general Explanation Appropriation is the amount that government reserves for a particular purpose. Public expenditure is the spending made by...

When goods are sent to branch at cost plus mark up; it means that the branch should sell at ______?

by Sunday | Nov 28 | Accounting JAMB

A. Price above or below the stipulated price B. Any price but not below the transfer price C. Cost price D. A price that is equal to the mark-up Correct Answer: Option A – Price above or below the stipulated price Explanation Cost plus mark up is a pricing...

In the head office ledger; the value of goods sent to the branch are _________?

When goodwill is not retained in the business; the entries in the new partners books will be to debit _________?

The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as?

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the ______?

When goods are sent to branch at cost plus mark up; it means that the branch should sell at ______?

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