Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
Find the fixed assets?
- A. i, ii and v
- B. i, ii and iv
- C. i, ii and iii
- D. iii, iv and v
Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?
- A. i and ii
- B. iv and v
- C. iii and v
- D. ii and iv
If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?
- A. increase in assets and increase in capital
- B. increase in liabilities and decrease in capital
- C. decrease in capital and increase in assets
- D. decrease in capital and decrease in assets
Given:
Capital………………………….N2375 000
Debtors………………………….N495 000
Motor vehicle…………………….N870 000
Creditors………………………..N245 000
Prepayment……………………….N500 000
Bills receivable………………….N505 000
Furniture………………………..N150 000
What is the total debit for the trial balance?
- A. N4 690 000
- B. N2 620 000
- C. N2 520 000
- D. N1 565 000
Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?
- A. telephone N3,500 credit XYZ and KLM, N3,500
- B. telephone N3,500, credit cash N3,500
- C. sundries N3,500, credit KLM N3,500
- D. sundries N3,500, credit telephone N3,500
The process of bookkeeping includes records produced from?
- A. ledgers
- B. source documents
- C. minutes of meeting
- D. intuitive reasoning
The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?
- A. accruals
- B. materiality
- C. objectivity
- D. periodicity
Which of the following branches of accounting was first developed?
- A. Cost accounting
- B. Financial acounting
- C. Management accounting
- D. Petroleum accounting