A company has departments L, M and O. Department L Occupies a space twice that of M while O occupies half the space of M. If the company pays ₦70,000 on rent, what is the amount of rent that should be allocated to M?
₦40,000
₦20,000
₦30,000
₦10,000
Correct answer is B
No explanation has been provided for this answer.
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?
Monetary
Cost
Conservatism
Historical
Correct answer is C
Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?
Kola 1/3, Sunday 1/3 and Kemi 1/3
Kola 1/5, Sunday 1/5 and Kemi 3/5
Kola 2/5, Sunday 1/5 and Kemi 2/5
Kola 2/5, Sunday 2/5 and Kemi 1/5
Correct answer is D
The rules which govern the internal management of a firm and its financial affairs in a partnership business is a
Memorandum
Deed
Financial regulation
Bye-law
In trial balance, income and liabilities are
Credited
Credited and debited respectively
Debited and credited respectively
Debited
Correct answer is A
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