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The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is?

A. cost B. prudence C. consistency D. entity Correct Answer: Option D – entity

If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors; the total asset in the balance sheet is?

Yahuza Enterpises Trial Balance (Extracts) as at Dec. 31, 1998. Capital Premises 90,000 21,000 Debtors 35,000 Provisions 1/1/98: Depreciation 9,000 Bad and doubtful 1,500 A. N 125, 000 B. N114,500 C. N105,500 D. N105,250 Correct Answer: Option D –...

Which of the following represents the total balance of debtors before adjustment?

by Sunday | Dec 10 | Accounting JAMB

Halal Limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/97. The company’s policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment? A. N6,120,000 B....

A major benefit derived from the reconciliation of branch and head office books is to?

by Sunday | Dec 10 | Accounting JAMB

A. determine accurate returns by the branch B. ascertain the correct profit or loss on branch activities C. enable the branch to keep control over stock D. enable the branch to ascertain debtor’s balance Correct Answer: Option A – determine accurate...

Recurrent expenditure are expenses for the period not exceeding?

by Sunday | Dec 10 | Accounting JAMB

A. 10 years B. 5 years C. 2 years D. 1 year Correct Answer: Option D – 1 year

The accounting convention which stipulates that money or goods taken from the business by the owner for personal use should be treated as deductions from capital is?

If premises is to be depreciated at 10% on cost and a 5% provision is to be allowed on debtors; the total asset in the balance sheet is?

Which of the following represents the total balance of debtors before adjustment?

A major benefit derived from the reconciliation of branch and head office books is to?

Recurrent expenditure are expenses for the period not exceeding?

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