Accounting equation is given by

• A) Assets
• B) Assets = Liabilities - Owner
• C) Assets + Owner
• D) Assets = Liabilities + Owner

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made. Halidu's share of the profit is

• A. N7,500
• B. N6,000
• C. N5,400
• D. N4,500

Which of the following concepts is expected to hold when a proprietor makes a drawing of goods or cash from the business?

• A) Business entity
• B) Realization
• C) Going concern
• D) Dual-aspect

Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?

• A. partners' salaries
• B. interest on capital
• C. partners' drawings
• D. interest on loans

In a partnership business, the net profit serves as opening figure for ______.

• A) trading account
• B) profit and loss account
• C) current account
• D) appropriation account

Given:

Stock (1/4/94) N800

Purchases of flour N2450

Sales N4745

Wages of bakery staff N675

Carriage outwards N50

Salary of administrative staff N225

Stock (31/3/95) N940

Capital N1540

Determine the cost of goods sold?

• A. N2575
• B. N2985
• C. N3250
• D. N3925

A typical example of a real account is?

• A. prepayment
• B. expenses
• C. plant
• D. income

The value of the owner's equity is

• A. N400,000
• B. N900,000
• C. N957,000
• D. N1,357,000

An entry in a subsidiary book which does not form part of the double entry system is a

• A. contra entry
• B. single entry
• C. journal entry
• D. memorandum entry

The process of bookkeeping includes records produced from?

• A. ledgers
• B. source documents
• C. minutes of meeting
• D. intuitive reasoning