When the invoice of a customer is overcast, the supplier will send to him a
Debit note
Cheque
Credit note
Payment voucher
Correct answer is C
A credit note is a letter sent by the supplier to the customer notifying the customer that he or she has been credited a certain amount due to an error in the original invoice or other reasons.
Materiality
Accrual
Going concern
Business entity
Correct answer is A
Materiality states that only items of material values are recorded e.g. the cost of a stapler should not be capitalized but expensed just as kitchen cutlery.
Prime cost is one of the following
Expenses which can be identified with an allocated to cost centers
Aggregate direct material cost, direct labour cost and variable direct expenses
The cost taken into account in the production process whether direct or indirect
The cost of commodities supply to an undertaking
Correct answer is B
Prime cost is the direct cost of a commodity in terms of the materials and labour involved in its production, excluding fixed costs.
Drawing account
Capital account
Creditor account
Appropriation account
Correct answer is B
The Major Difference Of The Financial Statement between a Sole Proprietorship And Partnership is More than one capital account. The number of capital accounts depends on the number of partners in the Partnership concern. Profit & loss is distributed to the partners' capital account according to the agreed ratio
Use the information below to answer this question.
N19,800
N49,500
N48,000
N29,700
Correct answer is D
No explanation has been provided for this answer.