Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit?

In the preparation of account, the owners of the business and the business concerned are treated as:

From the following, determine the value of the closing stock using:

Feb 1 purchased 200 units @ ₦2.00 each
Feb 3 purchased 100 units @ ₦1.00 each
Feb 4 issued 120 units @ ₦2.00 each
Feb 5 purchased 50 units @ ₦3.00 each
Feb 6 issued 80 units @ ₦2.00 each
Feb 6 issued 20 units @ ₦1.00 each

(a) Objectives of Financial Accounting

(b)Characteristics of good accounting information     

(c) Users of accounting information and their interests

1. What is depreciation?

2. What factors determine depreciation charges?

3. Reasons for providing depreciation