A source document that aids the ascertainment of amount paid out of current account is the?
- A. teller
- B. cheque stub
- C. cheque
- D. teller stub
Which of the following is an example of intangible assets?
- A. trade debtors
- B. stock of goods
- C. trade creditors
- D. motor vehicles
The main objective of bookkeeping is to record economic?
- A. transactions systematically for routine managerial decision-making
- B. events clearly to ensure adequate checks and balances
- C. events clearly to facilitate strategic managerial desicion-making
- D. transaction systematically to ascertain the financial position of a business
Use the information below to answer question 4 and 5.
Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500
Calculate the net profit?
- A. N12,500
- B. N10,000
- C. N8,000
- D. N7,500
In order to make the cash book balance equal to the bank statement, it is usual to add?
- A. uncredited cheques
- B. direct payments by bank
- C. bank charges
- D. unpresented cheques
To write off bad debt, debt?
- A. debtor's account and credit provision for bad debt
- B. bad debt account and credit debtor's account
- C. debtor's account credit bad debt
- D. provision for bad debt account and credit debtor's account
On November 1, 1998, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchases goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings’ cheques worth N3,000 was returned while the creditor granted a N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?
- A. N32,500
- B. N32,000
- C. N31,000
- D. N29,500