If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
Income in the profit and loss account
Income in the balance sheet
Additional cash in the profit and loss account
Expense in the balance sheet
Correct answer is A
No explanation has been provided for this answer.
The net profit or loss for the year is determined in profit and loss account after
Deducting purchases from sales
Deducting cost of goods sold from sales and adding administrative expenses
Adding commissions received to gross profit
Eliminating all expenses from gross profit and adding any other income
Correct answer is D
No explanation has been provided for this answer.
N30,000
N25,000
N20,000
N15,000
Correct answer is A
Cost of goods sold:
= Opening stock + purchases + carriage inwards - closing stock
= 10000 + 20000 + 5000 - 5000
= 35000 - 5000
= 30000
: Cost of goods sold = 30000
The financial position of an organization at a particular time can be ascertained from the
Statement of sources and application of funds
Statement of retained earnings
Balance sheet
Profit and loss account
Correct answer is C
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity. It simply shows the financial position of a business for a particular given period.
Bank charges
Uncleared cheques
Returned cheques
Unpresented cheques
Correct answer is D
No explanation has been provided for this answer.