Accounting Archives - Page 20 Of 386

Abba’s capital balance at the end of the year will be?

The partnership agreement between Abba, Baba and Kaka contains the following provision: (i) 5% interest to be paid on capital and no interest to be charged on drawings (ii) Profits and losses to be shared in the ratio 3:2:1 respectively (iii) net profit as at 31/12/95...

In the public sector; the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

by Sunday | Dec 8 | Accounting JAMB

A. fund accounting B. commitment accounting C. cash accounting D. accrual accounting Correct Answer: Option C – cash accounting

Upon the dissolution of a partnership; the Partnership Act provides that the amount realized should be?

by Sunday | Dec 8 | Accounting JAMB

A. used to pay all taxes due to government B. used to start a new partnership business by members who are willing C. shared equally by the existing partners D. used in paying the debts and liabilities of the firm to persons who are not partners Correct Answer: Option...

What is the opening balance on the consolidated revenue fund account?

by Sunday | Dec 8 | Accounting JAMB

Given: Balance at 31st December …………N14,744m Treasury Bills issued Jan-Dec……..N7124m Revenue for the year …………….N6387m Expenditure …………………….N8767m A....

If the gross profit is N66000. What is the value of stock at 31st December?

by Sunday | Dec 8 | Accounting JAMB

Given: Sales ……………………….N195,200 Stock 1st January……………..N34,000 Purchases ……………………N126,000 Sales returns...

Abba’s capital balance at the end of the year will be?

In the public sector; the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

Upon the dissolution of a partnership; the Partnership Act provides that the amount realized should be?

What is the opening balance on the consolidated revenue fund account?

If the gross profit is N66000. What is the value of stock at 31st December?

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