Which of the following is an example of a device that can be used for input, storage, and output in a computer system?
- A. Central processing unit (CPU)
- B. Keyboard
- C. USB flash drive
- D. Monitor
An example of accounts in the nominal ledger is
- A. debtors
- B. drawings
- C. creditors
- D. machineries
Suppliers accounts are found in the
- A. private
- B. purchase
- C. nominal
- D. general
Rent accrued at the end of an accounting period is a
- A. current asset
- B. fixed asset
- C. current liability
- D. capital
The term “set off” in control account is also called
- A. brought forward
- B. contra entry
- C. direct transfer
- D. bad debt
Pending the location of an error, the difference in the Trial Balance is posted to a __
- A. control
- B. profit and loss appropriation
- C. profit and loss
- D. suspense
The following are causes of discrepancies between the cash book and the bank statement balances except
- A. errors
- B. bank charges
- C. standing order
- D. bank deposit
In government accounting, money allocated to each head and sub-heads is referred to as
- A. allocation
- B. imprest
- C. vote
- D. float
The following accounts have debit balances except
- A. share premium
- B. rents and rates
- C. return inwards
- D. advertising
A commission of #5000 to a sales manager was debited to debtors account. This is an error of
- A. commission
- B. principle
- C. original entry
- D. compensation
An amount paid in cash to John is Dr to John and Cr to
- A. bank
- B. debtors
- C. cash
- D. capital
Tolu purchased a machine for #6,000 on credit. The effect is to debit.. supplier
and credit the account of the
- A. machinery
- B. creditor
- C. cash
- D. debtor
The short term solvency of a company is determined with ___ ratio
- A. debtors to equity
- B. current
- C. acid test
- D. gross profit margin
A public limited liability company can get additional fund through the issue of
- A. cheque
- B. accumulated fund
- C. consolidated fund
- D. debenture
An example of fictitious assets is
- A. stock
- B. overdraft
- C. goodwill
- D. profit
Goods bought on credit are first entered in the
- A. cash book
- B. journal proper
- C. sales day book
- D. purchases day book
The amount by which assets exceeds liabilities is
- A. capital
- B. premium
- C. bonus
- D. provision