A partners whose liability goes beyond his capital is known as
Dormal partner
Limited partner
General partner
Nominal partner
Correct answer is C
General partner is a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the business's debts and obligations.
Cost plus percentage
Cost price
Average cost
Selling price
Correct answer is A
No explanation has been provided for this answer.
The realization concept states that
Revenue is recognized as being earned when ownership of goods passes to the customer
Revenue and profit should not be anticipated
Similar way from one accounting period to another
Transaction must be expressed in monetary term
Correct answer is D
The realization principle is the concept that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively. Thus, revenue can only be recognized after it has been earned. Advance payment for goods.
Realization concept
Materiality convention
Marching concept
Consistency convention
Correct answer is B
This accounting convention proposed that while accounting, only those transactions which have material impact on financial status of the organization will be considered and other transactions which have insignificant effect will be ignored. It gives relative importance to an item or event.
₦142,000
₦151,000
₦110,000
₦92,000
Correct answer is A
Overhead cost are cost not directly associated with the production of goods and services. It includes Payroll costs -- including salary, liability and employee insurance.
30000 + 50000 + 62000 = 142000