One of the objectives of accounting is that it can be used for
Business decision making
Due process in business
Motivating employees
Determining the work force
Correct answer is A
Objectives of accounting in any business are; systematically record transactions, sort and analyzing them, prepare financial statements, assessing the financial position, and aid in decision making with financial data and information about the business.
N60,700
N23,500
N60,500
N82,500
Correct answer is C
Sales - Cost of Goods Sold = Gross Profit
COGS = Beginning Inventory + Purchases During the Period – Ending Inventory.
COGS = 2,500, + 120,000 - 3,000 = 119,500
gross profit for K = 180,000 - 119,500 = 60,500
The major advantage of the journal proper is that it
Helps in the preparation of the balance sheet
Prevents fraud and theft of item of the business
Serves as a book of instruction to the bookkeeper
Help the banking industry to be efficient
Correct answer is B
The advantages of using a journal in the recording process is, it discloses in one place the complete effects of a transaction, it provides a chronological record of transactions, & it helps to prevent or locate errors because the debit and credit amounts for each entry can be easily compared.
#184,000
#196,500
#212,000
#168,500
Correct answer is D
The net working capital formula is calculated by subtracting the current liabilities from the current assets.
Assets = 190,500
liabilities = 14,000 + 8,000 = 22,000
190,500 - 22,000 = 168,000 (capital)
N1,978
N1,962
N1,522
N2,522
Correct answer is D
No explanation has been provided for this answer.