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Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde’s capital is?

Use the following information to answer the given question Baba # Tunde # Capital Accounts 1 January, 2000 40,000 50,000 Current Accounts 1 January, 2000 20,000Cr 15,000Cr Drawings during the year 4,000 15,000 Salaries 5,000 5,000 A. N10,000 B. N5,000 C. N4,000 D....

A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of

by Sunday | Jun 5 | Accounting WAEC

A. accrual B. materiality C. prudence D. going-concern Correct Answer: Option A A. accrual

A deduction from the sales price of goods that is allowed if payment is made within a specified period of time?

by Sunday | Jun 5 | Accounting WAEC

A. trade discount B. cash discount C. quantity discount D. rebate Correct Answer: Option B B. cash discount

Partner’s interest on capital is shown in the?

by Sunday | Jun 5 | Accounting WAEC

A. profit and loss Account B. partners fixed capital account C. profit and loss appropriation account D. trading account Correct Answer: Option A A. profit and loss Account

A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of?

by Sunday | Jun 5 | Accounting WAEC

A. accrual B. materiality C. prudence D. going-concern Correct Answer: Option B B. materiality

Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde’s capital is?

A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of

A deduction from the sales price of goods that is allowed if payment is made within a specified period of time?

Partner’s interest on capital is shown in the?

A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of?

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