₦705
₦500
₦1000
₦10000
Correct answer is A
No explanation has been provided for this answer.
In dealing with incomplete record, fixed assets are posted to___________
Profit and loss account as brought forward figure
Closing balance sheet as carried forward figure
Closing balance sheet as brought forward figure
Profit and loss as carried forward figure
Correct answer is C
Fixed asset are brought forward in closing balance sheet.
The cost price method is applicable when_____
Goods are sold at specific prices
Goods are perishable
Goods attract different gross profit percentage
To disclose gross profit or loss
Correct answer is B
Cost price method is used to enhance quick sales
A partnership deed is used to____________
Promote mutual understanding
Enhance mistrust
Encourage discrepancy
Control funds
Correct answer is A
Partnership deed can be used to:
i. Indicates terms on which the business corporation us founded
ii. To form a partnership for the purpose of doing business together
iii. Prevent future disputes
iv. Promote mutual understanding
v. Avoid mistrust
Branch stock adjustment account is prepared at?
Cost price
New price
Invoice price
Normal price
Correct answer is C
Branch stock adjustment account deals with the loading on the respective items of goods relating to Branch stock account.
Branch adjustment account is prepared at invoice price.
The difference between the two sides of this account reveals either gross profit (if credit side is greater than the debit side) or gross loss (if debit side is greater than the credit side).