From which of the following sources are creditors control account most likely to be posted?
Supplier's invoices
Cash disbursements journal
Subsidiary debtors ledger
Purchases journal
Correct answer is D
No explanation has been provided for this answer.
N23,000
N29,000
N36,000
N43,000
Correct answer is D
No explanation has been provided for this answer.
If a bad debt previously written off is subsequently repaid, the amount collected is recorded as an
Income in the profit and loss account
Income in the balance sheet
Additional cash in the profit and loss account
Expense in the balance sheet
Correct answer is A
No explanation has been provided for this answer.
The net profit or loss for the year is determined in profit and loss account after
Deducting purchases from sales
Deducting cost of goods sold from sales and adding administrative expenses
Adding commissions received to gross profit
Eliminating all expenses from gross profit and adding any other income
Correct answer is D
No explanation has been provided for this answer.
N30,000
N25,000
N20,000
N15,000
Correct answer is A
Cost of goods sold:
= Opening stock + purchases + carriage inwards - closing stock
= 10000 + 20000 + 5000 - 5000
= 35000 - 5000
= 30000
: Cost of goods sold = 30000