Accounting evolved out of the need of businesses for
profit making
record keeping
increasing sales
obtaining finance
Correct answer is A
No explanation has been provided for this answer.
Use the information below to answer this question
The second final call account was debited with
Ordinary share capital account ₦187,500
12% preference share capital account ₦187,500
12% preference share capital ₦375,000
Bank account ₦187,500
Correct answer is B
No explanation has been provided for this answer.
Use the information below to answer this question
The share premium account would be
Credited with application and allotment ₦187,500
Debited with application and allotment ₦375,000
Debited with application and allotment ₦187,500
Credited with application and allotment ₦375,000
Correct answer is D
No explanation has been provided for this answer.
Reducing balance method charges depreciating as fixed percentage of the
net book value of asset
cost of asset
market value of asset
accumulated depreciation on asset
Correct answer is A
No explanation has been provided for this answer.
Use the information below to answer this question:
i. cash at bank
ii. cash in hand
iii. premises
iv. land
v. creditors
vi. loan from friends/bank
What are the current assets?
i and v
i and ii
ii and iv
iii and v
Correct answer is B
No explanation has been provided for this answer.