One of these is not a similarity between Joint Venture and Partnership.
AIM is profit making
It is for a specific venture
Involves two people
Have rights and duties
Correct answer is B
Joint venture is for a specific venture while partnership is for a perpetual succession.
FIFO
LIFO
SAP
WAP
Correct answer is D
Weighted Average Price (WAP): Under this method issues are priced at a weighted average price which is obtained by dividing the value by the unit of stock in hand. Issues will continue to be priced at this price until a new batch is received when a new weighted Average price is calculated.
Accounting standards are issued at the International level by the
Standards Advisory Council
International Accounting Standards Board
Nigerian Accounting Standards Board
Standing Interpretations Committee
Correct answer is B
Accounting standard is a statement issued by the appropriate standard - setting body locally or internationally on a specific area or topic in Financial Accounting.
Accounting standards are issued at the International level by the International Accounting Standards Board (IASB) - formerly International Accounting Standards Committee (IASC).
The importance of bank statement is all except
Verifies the accuracy of balances of cash book and cheque book
Helps to detect and rectify any error
Helps to debit an account
Helps to update the cash book
Correct answer is C
Bank statement is prepared by the bank to an account border showing the transactions between the customer and the bank within a period of time. It is usually issued monthly or at agreed intervals to the customers.
Additional capital Capital Closing capital Net profit |
₦ 4000 8000 12000 1500 |
The drawings for the period stand at
1500
3000
12,000
10,500
Correct answer is A
Using the formula:
OC + AC + NP - D = CC
where: OC = Opening Capital
AC = Additional Capital
NP = Net Profit
D = Drawings
CC = Closing Capital
Then;
8000 + 4000 + 1500 - D = 12,000
13,500 - D = 12,000
D = 13,500 - 12,000
D = ₦1500