Accounting Questions and Answers

Accrual accounting differs from cash accounting because it recognizes?

Turnover.........................N120,000
Net profit before tax.........N40,000
Net profit b/f.....................N68,000
Proposed dividends:
Ordinary shares..................N8,000
Preference shares..............N6,000
Corporate tax is 30%........N10,000

The undistributed profit carried forward is?

Gross earnings................N950,000
Current liabilities............N100,000
Operating expenses........N350,000
10% debentures..............N400,000
Shareholder's fund.......N1,300,000
Corporate tax is 30%

From the data above calculate the returns on equity?

After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?

Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?