Hauwa Ltd bought 10bags of rice for N500 each.
The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company’s book?
- A. N250
- B. N570
- C. N600
- D. N850
The accuracy of journalist is checked by?
- A. ensuring that debit totals equal credit totals
- B. posting all journal entries to ledger accounts
- C. adding all figures in the debit column
- D. comparing accounts in the ledger against the journals
Use the information below to answer question.
Given:
Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000
Determine the total of the trial balance?
- A. N335,050
- B. N333,050
- C. N323,050
- D. N230,550
Use the information below to answer question.
Given:
Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000
What is the cash balance?
- A. N12,095
- B. N12,590
- C. N12,905
- D. N12,950
If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?
- A. N2,241
- B. N2,214
- C. N2,141
- D. N2,114
The main objective of accounting report is to provide information about?
- A. a company's shareholding
- B. an entity's management
- C. the efficacy of assets
- D. a company's economic resources
Cost accounting entails the provision of information?
- A. for investment purposes
- B. for descision making
- C. to shareholders
- D. to stockholders
The current growth in the volume of trading and financial dealings in Nigeria is helped by?
- A. increased financial activities
- B. government intervention
- C. credit as a factor in business
- D. payment for goods in cash