Profit expressed as a proportion of cost price is known as
Gross profit
Profit make-up
Profit margin
Profit percentage
Profit ratio
Correct answer is B
No explanation has been provided for this answer.
Which of the following errors will not allow a trial balance to agree?
Where a transaction is completely omitted from the books
Where the correct amount is entered but in the wrong account
Where the figure entered on one side is different from the one entered on the other side
Where an item is entered in the wrong class of account
Where the correct amount is used but each item is shown on the wrong side of the account
Correct answer is C
No explanation has been provided for this answer.
N2,920
N3,240
N3,330
N5,340
N5,440
Correct answer is A
No explanation has been provided for this answer.
N1,110
N1,430
N1,520
N1,750
N2,980
Correct answer is A
No explanation has been provided for this answer.
A cheque drawn for N1200 was entered in the cash book as a receipt. The accounting entries are
Credit cash account, debit bank account with N1,200
Debit cash account, creidit bank account with N1,200
Credit cash account, debit suspense account with N2,400
Debit cash account, debit suspense account with N2,400
Credit bank account, debit suspense account with N2,400
Correct answer is E
No explanation has been provided for this answer.