\(\begin{array}{c|c}
Creditors & 3,000 & 4,000 \\
\hline
Debtors & ___ & 6,000 \\
\hline
\text{Cash received from debtors} & ___ & 35,000 \\
\hline
\text{cash paid to suppliers} & ____ & 25,000 \\
\hline
\text{Discount allowed} & _____ & 4,000 \\
\hline
\text{Discount received} & _____ & 4,200 \\
\end{array}\)
What is the total purchase for the period?
- A. N30,200
- B. N30,000
- C. N25,000
- D. N31,200
\(\begin{array}{c|c}
Creditors & 3,000 & 4,000 \\
\hline
Debtors & ___ & 6,000 \\
\hline
\text{Cash received from debtors} & ___ & 35,000 \\
\hline
\text{cash paid to suppliers} & ____ & 25,000 \\
\hline
\text{Discount allowed} & _____ & 4,000 \\
\hline
\text{Discount received} & _____ & 4,200 \\
\end{array}\)
What is the total sales for the period?
- A. N37,000
- B. N36,000
- C. N35,000
- D. N40,500
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.
The yearly depreciation using the straight line method would be?
- A. N5,200
- B. N6,500
- C. N8,800
- D. N4,400
A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.
If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?
- A. N11,000
- B. N7,000
- C. N4,000
- D. N24,000
Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit
- A. Saka's account and credit discount received account
- B. Alaka's account and credit discount received account
- C. Discount received account and credit Alaka's account
- D. Discount allowed account and credit Alaka's account
The difference between book keeping and accounting is that while
- A. book keeping interprets data, accounting records it
- B. book keeping is regarded as the language of the business accounting ascertians its strength and weakness
- C. book keeping records data accounting interprets it
- D. book keeping summaries information accounting communicatesit
Which of the following expenses relate to the profit and loss account of a manufacturing firm?
- A. Administrative overhead
- B. Direct labour
- C. Direct materials
- D. Work-in-progress
The objective of departmental account is to
- A. ascertain the amount of profits or losses for the enterprise
- B. ascertain the amount of profits or losses for each department
- C. ascertain the cost of running the organization
- D. offset the loss of each department
A business organization prepares departmental account in order to
- A. asertian the contribution of each department to the organization
- B. ascertain interdepartmental transfer
- C. build other branches
- D. know the number of departments in the organization
An increase in government expenditure within a year is taken care of by means of
- A. virement
- B. financial regulations
- C. supplementary estimate
- D. warrant
When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of
- A. capital reserve
- B. revenue reserve
- C. net income
- D. net loss
Which of the following is accounted for in receipts and payments account?
- A. Accrued expenses on annual dances
- B. Subscriptions due but not yet received
- C. interest on bank deposit
- D. Depreciation of the club house
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.
- A. #744,800
- B. #760,000
- C. #784,000
- D. #744,000
When stock is withdrawn for personal use, the accounting entries is to debit
- A. stock account credit drawings
- B. drawing account, credit stock account
- C. personal account credit cash account
- D. cash account, credit personal account
Purchases can be ascertained through the preparation of a
- A. stock account
- B. sales account
- C. total debtors control account
- D. total creditors control account
Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.
- A. #300
- B. #400
- C. #600
- D. #200
I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank
From the information above, sources of income for a Not-for-profit-making organization include
- A. I,III,IV
- B. I,II,III
- C. I,II,IV
- D. I and IV
The trader’s capital in a single entry system is ascertained by preparing
- A. gross profit
- B. statement of affairs
- C. suspense account
- D. appropriation account
Which of the foloowing is a credit item in creditors ledger control account?
- A. Returns outwards
- B. Discount Received
- C. Bad debts
- D. Purchases
The total cash and cheques received from customers in a control account is derived from the
- A. income and expenditure account
- B. cashbook
- C. purchases day book
- D. sales journal
Opening balance of Diks company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?
- A. #36,902
- B. #27,502
- C. #12,498
- D. #43,098