The recording phase of accounting is known as?
- A. bookkeeping
- B. trial balancing
- C. ledger accounting
- D. final accounting
The transaction that completes its double entry in the same ledger account appears in?
- A. cash account and personal account
- B. bank account and general ledger
- C. discount received and discount allowed
- D. cash account and bank accont
Which accounting concept supports the assertion that economic reality takes precedence over legal issues?
- A. Realization concept
- B. Substance over form
- C. Conservatism
- D. Measurement concept
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?
- A. cash and credit bank
- B. bank and credit cash
- C. cash and credit cash
- D. bank and credit bank
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?
- A. N5000
- B. N1900
- C. N1000
- D. N950
Verifiability in accounting is only possible when there are?
- A. minutes of meetings
- B. payment vouchers
- C. source documents
- D. audit certificates
Use the information below to answer question .
Capital ……………….N2000
Bank ………………….N1200
Purchase ………………N2500
Sales …………………N6700
Stock …………………N1300
Creditors ……………..N1000
Fixed assets……………N3700
Drawings ………………N?
Drawings are always estimated at 50% of capital.
The trial balance total is?
- A. N9700
- B. N8700
- C. N7900
- D. N7800
The two legally recognized professional accounting bodies in Nigeria are the?
- A. Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
- B. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
- C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
- D. Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
Which of the following is used to update the cash book in bank reconciliation?
- A. Interest received and unpresented cheques
- B. Commission and debit note
- C. Unpresented cheques and direct credit
- D. Interest received and direct credit