Purchase of goods for N1,000 from chukwu had been entered in Chukwura's account. This is an error of
Omission
Compensation
Commission
Principle
Original entry
Correct answer is C
No explanation has been provided for this answer.
Sale of goods for N500 to Eddy was not posted. This is an error of
Omission
Compensation
Commission
Principle
Ordinary entry
Correct answer is A
No explanation has been provided for this answer.
Debit side of the profit and loss account
Credit side of the profit and loss account
Debit side of the appropriation account
Debit side of the current account
Credit side of the appropriation account
Correct answer is D
No explanation has been provided for this answer.
Which of the following is not a profit and loss appropriation account item?
Staff salaries
Interest on capital
Interest on money advanced by partners
Share of profit
Interest and drawings
Correct answer is A
No explanation has been provided for this answer.
Company tax
Unappropriated surplus
Proposed dividend
Transfer to reserve
Interim dividend paid
Correct answer is A
No explanation has been provided for this answer.