Accounts - Principles of Accounts Past Questions and Answers

In a manufacturing organization, which of the following expenses does not elate to cost of production?

The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?

Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases

The trading Account is usually headed

The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as