| N | |
| Purchase ledger opening balance | 4,000 |
| sales ledger opening balance | 6,000 |
| credit purchase | 25,000 |
| Discounts allowed | 1,000 |
| Returns inwards | 2,000 |
| Credit sales during the year | 10,000 |
| Return outwards | 6,000 |
Use the information above to answer the following question;
what is the purchase ledger balance?
- A. N29,000
- B. N24,000
- C. N4,000
- D. N23,000
| N | |
| Purchase ledger opening balance | 4,000 |
| sales ledger opening balance | 6,000 |
| credit purchase | 25,000 |
| Discounts allowed | 1,000 |
| Returns inwards | 2,000 |
| Credit sales during the year | 10,000 |
| Return outwards | 6,000 |
Use the information above to answer the following question;
calculate the sales ledger balance
- A. N13,000
- B. N10,000
- C. N 6,000
- D. N3,000
| N | |
| Direct material | 2,500 |
| Direct labour | 5,000 |
| Direct expenses | 1,000 |
| Overhead expenses | 1,500 |
use the information contained in the table to anwser the qustion below;
from the data above, compute the prime cost.
- A. N6,500
- B. N 8,500
- C. N6,000
- D. N7,500
The main objective of accounting report is to provide information about?
- A. the efficacy of assets
- B. a company's shareholding
- C. company's economic resources
- D. an entity's management
The control account is used in facilitating?
- A. the various location of errors in the various accounts
- B. up to date bank transactions
- C. the payment of debts and liabilities of the firm
- D. assets distribution with respect to income
The excess of sales over cost of goods sold is?
- A. gross sales
- B. gross profit
- C. net profit
- D. net sales
| N | |
| Creditors | 7,940 |
| Prepaid expenses | 290 |
| Accrual expenses | 323 |
| Stock | 4,500 |
| Cash balances | 4,956 |
| Debtors | 905 |
Use the information in the above table to answer the question.
Determine the current liabilities.
- A. N8,553
- B. N8,263
- C. N7,940
- D. N1,228
The value of the current assets will be?
- A. N10,361
- B. N10,651
- C. N17,396
- D. N17,848
The major advantages of an imprest system is that it ?
- A. ensures a proper accountability for every expenditure
- B. trains the young accountants in the preparation for greater responsibility
- C. relieves the chief cashier of the numerous petty cash payments
- D. serves as an analysis column for every expenses
which of the following affects the accuracy and authenticity of trial balance?
- A. error of ommission
- B. error of commission
- C. error of transposition
- D. error of original entry
In government accounting , the method used which records on the basis of financial entity with self balancing books instead of entity of propietorship is?
- A. virement
- B. fund accounting
- C. consolidated fund
- D. financial regulation
The accounting entries used to record a cheque issued by a business is to?
- A. debit cash book and credit drawer
- B. credit cash book and debit drawer
- C. debit cash book and credit suspense account
- D. credit cash book and debit suspense account
A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.
The yearly depreciation using the straight line method would be
- A. N8,800
- B. N6,500
- C. N5,200
- D. N4,400
Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is?
- A. commercial
- B. manufacturing
- C. service
- D. Extractive
A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.
If the scrap value is presently N15,000, what will be the yearly depreciation using the straight line method?
- A. N4,000
- B. N7,000
- C. N11,000
- D. N24,000
The total credit sales for a period can be extracted from the?
- A. Cash book
- B. Sales day book
- C. Petty cash book
- D. Returns inwards
The major source of document which enables employer to calculate the employee wages is the?
- A. norminal roll of employees
- B. records of number of hours worked
- C. effort of the employee
- D. Record of independence per employee
Which of the following is not an inventory costing method?
- A. FIFO
- B. LIFO
- C. Average cost method
- D. LILA
Use the information below to answer the question.
Calculate the balance in the bank statement.
| ₦ | |
|
Balance as per cashbook |
13560 |
|
Unpresented cheques |
5120 |
|
Dividend received |
2000 |
|
Uncredited cheque |
2300 |
|
Bank charges |
280 |
|
Standing order |
600 |
|
Balance as per bank statement |
? |
- A. ₦10,740
- B. ₦11,860
- C. ₦16,380
- D. ₦17,500
To account for expenses paid by head office on behalf of the branch, the branch should___________
- A. Debit profit and loss account and credit head office account
- B. Debit head office account and credit cash
- C. Credit cash and debit profit and loss account
- D. Credit profit and loss account and debit head office account
Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st January , 2000 on 31st March, 4000 on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000 and current balance is ₦40000. He made no drawings during the period. what is the closing balance in Tea’s current account
- A. 36,925Cr
- B. 40,000Cr
- C. 50,000Dr
- D. 36,295Dr