43
In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?
- A. N8,900
- B. N9,800
- C. N14,600
- D. N16,400
44
A source document for the sales day book is?
- A. a requisition form
- B. an invoice
- C. a customer advice
- D. a credit advice
45
A basic unifying concept in accounting implies that?
- A. where creditors'account is zero, the assets are equal to the owners' equity
- B. there should be a balance in the creditors' account in order to measure total assets
- C. revenues should be supported by invested and owners'capital
- D. total assets can be less than liabilities and equity
46
When a proprietor withdraws cash from the business for private use, he?
- A. debits cash account and credits drawings account
- B. credits cash account and debits bank account
- C. debits bank account and credits drawings account
- D. credits cash account and debits drawings account
47
A bookkeeping error occurs when there is?
- A. a deliberate manipulation of records
- B. unintentional correct posting in the ledger
- C. intentional failure to record transactions completely
- D. incorrect records and oversights that are not intended
48
The need for changes in accounting theory in Nigeria was influenced by the?
- A. dynamics of commercialization and privatization policies
- B. growh in size of business units
- C. introduction of the structural adjustment programme
- D. inconvertibility of the nation's currency
49
The basic role of accounting is to?
- A. detect fraud
- B. attest to finacial statements
- C. measure performance
- D. protect sharehlders
50
Accrual concept stipulates that?
- A. revenue should be recognized when it is earned
- B. costs should be recognized when the expenditure is paid
- C. revenue should be recognized only when cash is paid
- D. costs should be recognized when the are incurred