Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?
- A. i and ii
- B. i and v
- C. ii and iv
- D. iii and v
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?
- A. i and v
- B. ii and iv
- C. ii and vi
- D. iii and iv
Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?
- A. cash and credit stationery
- B. purchase and credit stationery
- C. stationery and credit cash
- D. stationery and credit purchases
Given:
Sales…………………N4000
Light expenses…………N2900
Rent………………….N1500
Purchases……………..N7500
Debtors……………….N6000
Creditors……………..N29000
Drawings………………N25
Bank………………….N400
General expenses……….N1500
Calculate the total of trial balance?
- A. N64 300
- B. N46 825
- C. N41 850
- D. N33 325
One basic assumption of the double entry theory is that it allows?
- A. two credit entries at the same time
- B. two debit entries at the same time
- C. debit and credit two credit entries at the same time
- D. debit and credit two credit entries in corresponding account
A financial analyst needs accounting information to?
- A. maintain the production section of the business
- B. know why transactions cause increase and decreases in assets
- C. advise on how to manage the business
- D. know how to record transaction in T account
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
- A. Conservatism
- B. Historical
- C. Monetary
- D. Cost
One of the major features of bookkeeping is that it?
- A. provides permanent records for all financial transactions
- B. is futuristic in nature
- C. accpets responsibility for all wrong postings
- D. does not give room for double entry procedures