43
When a transaction causes an assets account to increase, there is?
- A. a decrease of equal amount inthe owner's equity account
- B. an increase in a liability account
- C. an increase of equal amonut in another assets account
- D. a decrease of equal amount in a liability account
44
A business transaction is recorded in the books of account when the?
- A. owner of the business invests his N10,000 in another company
- B. business retains part of ofits profits for future expansion purposes
- C. business invest applies for overdraft facilities from its bankers
- D. owner of the business collects N5,000 from the accountant
45
An advantage of the use of the voucher system is that it?
- A. reduces the number of cheques that will be writen during any given period
- B. provides a highly flexible system for handling unusual transactions
- C. provides a comprehensive record of business done with particular suppliers
- D. ensure that every expenditure is reviewed and verified before payment is made
46
Responsibility accounting is particularly concerned with?
- A. histoical accounting
- B. controllable costs
- C. storekeeping
- D. valuation of stock
47
Cost reports for the intention of management should reflect?
- A. as much details as possible
- B. summary figures only
- C. details of non-controllable expenses
- D. cost and comparable data useful in decision-making
48
The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?
- A. Ist September, 1960
- B. Ist October, 1960
- C. Ist October,1963
- D. Ist , September,1965