Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cash book
The features of receipts and payment account includes:
- A. III and IV
- B. I, II and IV
- C. II, III and IV
- D. I, II and III
Given:
I. Cash refunds
II. Debit note issued
III. Dishnoured cheque
IV. Purchases
The item on the credit side of purchase ledger control account includes
- A. I, II and IV only
- B. I and IV only
- C. I and II only
- D. I, II and III only
Changes in the profit sharing ratio may occur as a result of
I. skill contributed by partners
II. health status
III. old age
IV. Intangible asset increase
- A. I, III and IV
- B. I and III
- C. I, II and III
- D. I, II and IV
When goods are received from head office, head office will be credited while
- A. sales will be debited
- B. requisition will be debited
- C. issue will be debited
- D. purchases will be debited
|
₦ |
|
|
Balance as per cash book |
5467 |
|
Uncredited cheques |
4410 |
|
Unpresented cheques |
19404 |
The balance as per bank statement is
- A. ₦20,461
- B. ₦21,091
- C. ₦21,109
- D. ₦19,021
Subscription in advance is treated in the balance sheet as a
- A. fixed asset
- B. long term liability
- C. current asset
- D. current liability
| # | |
|
Stock Jan 1 |
2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
Determine the net profit
- A. #4,000
- B. #4,500
- C. #5,000
- D. #1,400
Which of these is the main source document for recording cash paid into bank?
- A. invoice
- B. credit note
- C. cheque book
- D. pay-in-slip
One of the options below is not the source of income for non – profit organization
- A. ordinary shares
- B. donations
- C. subscription/dues
- D. entrance fees
Accounting entry for dissolution expenses is
- A. Dr : Partnership account ;Cr: Realization account
- B. Dr: Revaluation account; Cr: Partnership account
- C. Dr: Realization account; Cr: Cash account
- D. Dr: Partners current account; Cr: Realization account
A part of public company’s profit belonging to the shareholders is
- A. right issue
- B. bonus
- C. dividends
- D. public issue
The principle of double entry developed from the axioms of accounting equation is given as
- A. Liabilties + Equity = Net assets
- B. Assets + Equity = Liabilities
- C. Liabilities + Equity = Assets
- D. Assets + Liability = Equity
|
₦ |
|
|
Debtors opening |
4000 |
| Debtors closing | 1500 |
|
Cash received from debtors |
8500 |
|
Bad debts written off |
350 |
| Discount allowed | 500 |
| Discount received | 1000 |
What is the amount of sales for the year?
- A. ₦6850
- B. ₦6650
- C. ₦3850
- D. ₦1550
The following appears in the trading account except
- A. carriage inward
- B. opening stock
- C. carriage outward
- D. sales
The authority warrant issued prior to the approval of the appropriate bill at the begining of the year
- A. contigencies
- B. reserved expenditure warrant
- C. annual general warrant
- D. provisional general warrant
The use of three column cash book is determined by
- A. trade discount
- B. cash transaction
- C. bank transaction
- D. cash discount
The following are importance of branch account except
- A. it allows fraud and wastage of resources
- B. it assist the organization to determine the performance of a branch manager
- C. it enable the organization to determine the branch that is making either profit or loss
- D. it allows proper control over the branch by the head office