43
Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari’s personal drawings amounted to?
- A. N2,300
- B. N9,900
- C. N17,100
- D. N19,500
44
The imprest account is subsidiary to the?
- A. ledger account
- B. bank account
- C. cash book
- D. bank column
45
The receipt whose name appears on a cheque is called a?
- A. payer
- B. drawer
- C. drawee
- D. payee
46
A debit in the suspense accounting will appear in the balance sheet as?
- A. a current asset
- B. a current lability
- C. capital
- D. drawings
47
The rule of accounting equation requires that account payable should be placed under?
- A. liabilities
- B. equities
- C. assets
- D. capital
48
A source document is used for verifying the?
- A. amount due to creditors
- B. actual cost of an asset
- C. selling price of goods
- D. amount due from debtors
49
The loss of equipment in a fire disaster results in?
- A. a decrease in current assets
- B. an increase in liabiities and assets
- C. a decrease in assets and capital
- D. an increase in liabilities and a decrease in assets
50
The accounting principle that is applied to check arbitrary actions on the part of accountants is?
- A. consistency
- B. materiality
- C. objectivity
- D. realization