When the goods are sold on credit to a buyer, the account receivable account will be
- A. debit and credit
- B. contra entry
- C. debited
- D. credited
The document issued by a revenue collector as evidence of payment to a government ministry is a
- A. receipt voucher card
- B. stores receipt voucher
- C. treasury receipt
- D. payment voucher
Profit expressed in relation to cost of goods sold is
- A. turnover
- B. cost price
- C. margin
- D. mark -up
Which of the following is used in the public sector to monitor or control government expenditure?
- A. sales day book
- B. cash book
- C. cheque
- D. vote book
The accounting system in which only one aspect of transaction is recorded is
- A. single entry
- B. single column cash book
- C. original entry
- D. double entry
Danladi Bako’s Statement of Affairs as at 30/06/17
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78650 | 78650 |
What is the value of Dalandi Bako’s capital?
- A. ₦60,150
- B. ₦78,650
- C. ₦50,160
- D. ₦60,650
Danladi Bako’s Statement of Affairs as at 30/06/17
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78,650 | 78,650 |
What is his bank balance as at 30/06/17?
- A. ₦14,150
- B. ₦18,500
- C. ₦15,300
- D. ₦65,150
Which of the following concepts recognizes the principle of double entry?
- A. business entity
- B. accrual
- C. going concern
- D. dual aspect
Another name for control accounts is
- A. total account
- B. purchases ledger
- C. creditors' account
- D. debtors' account
The authority to transfer fund from one head to another within the same organization is called
- A. fund
- B. warrant
- C. vote
- D. virement
Which of the following is not charged to manufacturing account?
- A. raw materials
- B. factory wages
- C. direct expenses
- D. distribution expenses
The part of capital issued only at the time of liquidation of the company is
- A. issued capital
- B. called-up capital
- C. paid-up capital
- D. reserved capital
The journal has the following headings except
- A. date
- B. debit
- C. discount
- D. credit
In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of
- A. 7 \(\frac{1} {2}\) %
- B. 5%
- C. 15%
- D. 10%
Which of the following is prepared to ascertain the trader’s capital under incomplete records?
- A. statement of affairs
- B. statement of capital and liabilites
- C. statement of complete records
- D. income statement
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
| Drawings: |
₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital: | |
| Dairo | 120000 |
| Segun | 60000 |
– Interest on drawings 10%
– Interest on capital 5%
– Profit for the year ₦36,000
– Salary: Segun ₦10,000
Segun’s share of profit is
- A. ₦12,000
- B. ₦21,400
- C. ₦14,600
- D. ₦16,400
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
|
Drawings: |
₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital | |
| Dairo | 120000 |
| Segun | 60000 |
– Interest on drawings 10%
– Interest on capital 5%
– Profit for the year ₦36,000
– Salary: Segun ₦10,000
The interest on Dairo’s drawings is
- A. ₦1,600
- B. ₦1,200
- C. ₦1,400
- D. ₦1,800
Which of the following is recorded in the folio column of the journal?
- A. particulars of transactions
- B. date of entries
- C. all credit and cash sales transactions
- D. amount of money posted
Bello withdraws cash from bank to office, this is called ———- entry
- A. credit
- B. contra
- C. double
- D. debit
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. I,II and III only
- B. I,II and IV only
- C. II and IV only
- D. II and III and IV only
Which fund is used to meet unforeseen or urgent expenditure
- A. special fund
- B. contigencies fund
- C. general reserve fund
- D. consolidated reserve fund