When the goods are sold on credit to a buyer, the account receivable account will be
Debit and credit
Contra entry
Debited
Credited
Correct answer is C
No explanation has been provided for this answer.
| # | |
|
Stock Jan 1 |
2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
Determine the net profit
#4,000
#4,500
#5,000
#1,400
Correct answer is D
Cost of goods sold = 2600 + 4000 + 500
= 7100
Gross profit = 9000 - 7100
= 1900
Therefore, Net profit = Gross profit - Expenses
= 1900 - 500
= ₦1400
Profit expressed in relation to cost of goods sold is
Turnover
Cost price
Margin
mark-up
Correct answer is D
Mark up is when profit is expressed as a percentage of cost price i.e cost of goods sold
Which of the following is used in the public sector to monitor or control government expenditure?
sales day book
cash book
cheque
vote book
Correct answer is D
The vote book is a memorandum book which is maintained by each sub-head to control and monitor government expenditure.
One of the options below is not the source of income for non - profit organization
Ordinary shares
Donations
Subscription/dues
Entrance fees
Correct answer is C
Subscription is the contribution made by the members to the club or society at regular intervals. It can be paid by members in advance or in arrears.