When expenses are paid on behalf of the venture, the accounting entries is to debit
- A. bank account and credit joint venture account
- B. expenses account and credit bank account
- C. joint venture account and credit expenses account
- D. joint venture account and credit bank account
A part of public company’s profits belonging to the shareholders is
- A. public issue
- B. bonus
- C. right issue
- D. dividends
An evidence of payment issued to a government ministry by a revenue collector is
- A. treasury receipt
- B. receipt voucher
- C. payment voucher
- D. treasury card
Which of these is a content of a master file?
- A. All records relevant to the organisation.
- B. Records of assets of the organisation
- C. A collection of data items
- D. All records relating to employees
Subscription in advance is treated in the balance sheet as a
- A. current asset
- B. current liability
- C. fixed asset
- D. long term liability
The correct expression of accounting equation is
- A. Assets = Liabilities + Equity
- B. Net assets = Liabilities + Equity
- C. Assets + Liabilities = Equity
- D. Assets = Equity - liabilities
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Stock Jan 1} & 2000 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500\end{array}\)
Carriage outwards
- A. ₦9,000
- B. ₦2,500
- C. ₦3,000
- D. ₦1,500
The principle of double entry developed from the axioms of accounting equation is given as
- A. Assets + Liability = Equity
- B. Assets + Equity = Liabilities
- C. Liabilities + Equity = Asset
- D. Liabilities + Equity = Net assets
What is the effect of transaction when cash is paid into the bank
- A. Bank balance decrease and cash balance increase
- B. bank balance decrease and cash balance decrease
- C. cash balance increase and bank balance increase
- D. cash balance decrease and bank balance increase
The tier of government that uses financial memorandum
- A. Federal government
- B. state government
- C. local government
- D. municipal government
Which of the following is used to service all operations of government?
- A. Consolidated Revenue Fund
- B. Consolidated Reserve Fund
- C. Special Operational Fund
- D. General-Reserve Fund
The discount column on the left-hand side of cashbook represents a discount
- A. received from a creditor
- B. allowed to a debtor
- C. received from a debtor
- D. allowed to a creditor
The use of a three column cash book is determined by
- A. cash discount
- B. trade discount
- C. cash transaction
- D. Bank transaction
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
- A. II and IV only
- B. I,II and IV only
- C. I,II and III only
- D. II,III and IV only
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)
What is the amount of sales of sales for the year?
- A. ₦3850
- B. ₦6650
- C. ₦1550
- D. ₦6850
Goodwill can be created in the books of a partnership firm when
- A. the partnership experiences super profit
- B. a new member is admitted
- C. the business is being expanded
- D. the business suffers high loss
The following appears in trading account except
- A. sales
- B. carriage outward
- C. carriage inward
- D. opening stock
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Balance as per cashbook} & 5 467 \\ \hline \text{Uncredited cheques} & 4 410 \\ \hline \text{Unpresented cheques} & 19 404 \\ \hline \text{Cheques wrongly debited by bank} & 1 404 \end{array}\)
The balance as per bank statement is
- A. ₦21,901
- B. ₦19,021
- C. ₦21,109
- D. ₦21,091
The accounting entries for goods stolen in branch will be to debit
- A. The accounting entries for goods stolen in branch will be to debit
- B. branch stock account and credit branch adjustment account
- C. branch adjustment account and credit profit and loss account
- D. branch adjustment account and credit branch stock account
\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &
\end{array}\)
Determine the discount allowed by Department A
- A. ₦5,000
- B. ₦9,375
- C. ₦5,625
- D. ₦8,000
Discount allowed is enjoyed by
- A. Managers
- B. Customers
- C. Suppliers
- D. Staff of the company