The objective of preparing departmental account is to determine the
sales of each department
total cost attributable to each department
capital employed by each department
profitability of each department
Correct answer is C
No explanation has been provided for this answer.
Use the following information to answer this question
₦
Creditors (01/01/19) 223,000
Creditors (31/12/19) 316,000
Credit purchases 1,426,000
Discount received 64,000
Company's cheque dishonoured 90,000
Amount owed to creditors on 31/12/19 is
₦406,000
₦342,000
₦316,000
₦226,000
Correct answer is C
No explanation has been provided for this answer.
Use the following information to answer this question
₦
Creditors (01/01/19) 223,000
Creditors (31/12/19) 316,000
Credit purchases 1,426,000
Discount received 64,000
Company's cheque dishonoured 90,000
₦ 1,423,000
₦ 1,359,000
₦ 1,333,000
₦ 1,295,000
Correct answer is C
No explanation has been provided for this answer.
An amount set aside out of profit for a specific purpose is a
Reserve
Liability
Provision
Discount
Correct answer is A
No explanation has been provided for this answer.
The concept the enables a business to determine the actual profit or loss for a particular period is
accrual concept
business entity concept
consistency concept
going concern concept
Correct answer is A
No explanation has been provided for this answer.