The accounting concept which distinguishes an enterprise from its owners is
Money measurement
Dual aspect concept
Going concern concept
Business entity concept
Correct answer is D
No explanation has been provided for this answer.
A trader adds 25% on cost as profit. The profit on sales of $300,000 would be
$75,000
$60,000
$50,000
$20,000
Correct answer is A
No explanation has been provided for this answer.
The purpose of preparing a trading account is to ascertain
Average stock
Gross profit
Cost of goods sold
Cost of goods available for sale
Correct answer is B
No explanation has been provided for this answer.
Recognition of profit when goods are sold and the buyer takes ownership of them is in line with
Realization concept
Matching concept
Business entity concept
Going concern concept
Correct answer is A
No explanation has been provided for this answer.
N16,000
N12,000
N8,000
N4,000
Correct answer is B
No explanation has been provided for this answer.