Accounting Questions and Answers

Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.

The residual profit of the business for the year is

Given:
                                  ₦
Bank overdraft       2,000
Cash                      2,000
Furniture                4,000

Derive the total amount on the credit side of the trial balance

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

The difference between the market value of goods produced and the cost of production is

The accounting method that reports incomes when earned and expenses when incurred is called