Borrowings by a business which are not expected to be repaid in the next year is known as
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OAU Post UTME Accounts Past Questions
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The correct double entry to record the return of goods by us to suppliers is DebitCrediti.Accounts payablePurchasesii.Accounts payableReturns inwardsiii.BankReturns outwardsiv.Accounts payableReturns outwards
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Which of the following statements best describes a limited liability company?
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Which of the following statements are correct?(1) A statement of cash flows prepared using the direct method produces a different figure for operating cash flow from that produced if the indirect method is used.(2) Right…
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Which of the following should appear as separate equity movements in a company's statement of changes in equity?1. Profit for the financial year2. Amortization of capitalized development costs3. Surplus on revaluation of…
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A fire on 31 July destroyed some a company's inventory records. The following information is available Inventory 1 July: ₦318,000 Sales for July: ₦612,000 Purchase for July: ₦412,000 Inventory in good condition at J…
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In preparing a company's bank reconciliation statement at March 2014, the following items are causing the difference between the cash book balance and the bank statement balance:(1) Bank charges ₦380(2) Error by bank ₦1,…
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An electrical retail company is due to report lower pre-Tax profits than the previous year. Management fear investor dissatisfaction. Which of the following measures before the year end could improve the draft profit fig…
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If a gross profit stays high, but net profit falls this implies that
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Under the hire purchase account, the cash selling price is
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Use the following information to answer the question below. Given the following: Debtors as at 1st March: ₦40,000 Creditors as at 1st March:₦55,000Cash received from debtors during the month: ₦250,000Cash paid to credit…
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Use the following information to answer the question below. Given the following: Debtors as at 1st March: ₦40,000 Creditors as at 1st March:₦55,000Cash received from debtors during the month: ₦250,000Cash paid to credit…
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In which ways can a manager manipulate the financial statements?
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Which of the following is not an asset held for the short term?
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The necessary accounting entries to record scrapped container in accounting for containers, using container Trading Accounting method is
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Which of the following formulae correctly states the profit taken or recognized from profit realized in a long term contract?
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The trial balance at 31st December 2014 showed a difference of ₦4,000, being a shortage on the credit side. A suspense account is opened and the difference of ₦4,000 is entered on the credit side of the account. On 2nd J…
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The cost of goods purchased by cash was wrongly debited to sales account and credited to cash book. The entries necessary to correct the error are:
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Expenses on repair of motor vehicle was posted to motor vehicle account. This is an error of
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Which of the following statement are correct?(i) Marketing means that only items having a physical existence may be recognized as assets(ii) This substances-over-form convention means the legal form of a transaction must…
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