Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Quick ratio is
- A. 4 : 1
- B. 3 : 1
- C. 2 : 1
- D. 1 : 1
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Current ratio is
- A. 4 : 1
- B. 3 : 1
- C. 2 : 1
- D. 1 : 1
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Total assets is
- A. ₦240,000
- B. ₦220,000
- C. ₦200,000
- D. ₦180,000
Which of the following bases of accounting does not make allowance for depreciation?
- A. cash basis
- B. accrual basis
- C. matching basis
- D. commitment basis
Which of the following formulae is used to calculate stock turnover rate?
- A. \(\frac{sales}{\text{average stock}}\)
- B. \(\frac{\text{cost of sales}}{\text{average stock}}\)
- C. \(\frac{\text{cost of sales}}{\text{opening stock}}\)
- D. \(\frac{\text{cost of production}}{\text{average stock}}\)
In the absence of partnership agreement, profits and losses are shared
- A. in the ratio of capitals
- B. equally
- C. in the ratio of drawings
- D. according to services rendered
Which of the following is not an accounting convention?
- A. maternity
- B. consistency
- C. business entity
- D. periodicity
The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized by
- A. realization concept
- B. entity concept
- C. going cornvern concept
- D. dual aspect concept
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions shown in the Balance sheet as at 31st December 2005 is
- A. ₦400(asset)
- B. ₦150(asset)
- C. ₦150(liability)
- D. 400(liability)
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is
- A. ₦5,750
- B. ₦5,350
- C. ₦400
- D. ₦115
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions recorded in the income ans expenditure account for the year ended 31st December 2005 is
- A. ₦5,750
- B. ₦5,350
- C. ₦400
- D. ₦115
The assumption that a business has perpetual existence is recognized by
- A. entity concept
- B. periodicity concept
- C. going-concern concept
- D. realisation concept
In single entry and incomplete records, the net assets method used to ascertain profit is
- A. net asset at the end of a period - net assets at the begining of a period = profit + additional capital - drawings
- B. net asset at the end of a period - net asset at the beginig of a period = profit - additional capital - drawings
- C. net asset at the end of a period - net asset at the begining of a period - drawings
- D. net asset at the end of a period + additional capital - drawings
The cost price of a book is Le 9,000 and the selling price is Le 12,000. The mark up s
- A. 66\(\frac{2}{3}\)%
- B. 50%
- C. 33\(\frac{1}{2}\)%
- D. 25%
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
credit sales for the period is
- A. ₦14,078
- B. ₦10,290
- C. ₦8,520
- D. ₦3,554
Items on the left-hand side of a total debtors account are debits in the
- A. purchase ledger
- B. sales ledger
- C. general ledger
- D. journal
Which of the following is not a cause of depreciation?
- A. inflation
- B. erosion and decay
- C. wear and tear
- D. obsolescence
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening balance} & 1,894 Dr \\ \text{Cheques received from customers} & 7,286\\ \text{Cash received from customers} & 1,236 \\ \text{Returned from customers} & 296 \\ \text{Closing balance} & 3,368 Dr\end{array}\)
The closing balance of ₦3,368 Dr is classified in the balance sheet as a
- A. fixed asset
- B. current asset
- C. current liability
- D. capital
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The rent receivable accrued as at 31st December 2005 is shown in the balance sheet as
- A. current asset
- B. current liability
- C. long-term liability
- D. fixed asset
Use the following information to answer the given question
\(\begin{array}{c|c} \text{Rent receivable accrued 1/01/2005} & D3,000\\ \text{Rent received during the year 2005} & D5,000\\ \text{Rent receivable accrued 31/12/2005} & 2,600\end{array}\)
The entry for rent received in the profit and loss account for the year ended 31st December 2005 is
- A. credit profit and loss account with D4,500
- B. credit profit and loss account with D2,500
- C. debit profit and loss account with D2,500
- D. debit profit and loss account with D,500
Use following information to answer the given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpresented cheques} & 14,400\\ \text{Uncredited cheque} & 2,600\\ \text{Uncredited cheques} & 2,600\end{array}\)
A cheque for ₦2,000 paid to a creditor had been entered in error in the cash book.The debit side of the cash book(bank column) had been undercast by ₦5,000. The balance as per bank statement is
- A. ₦8,000Cr
- B. ₦6,000Cr
- C. ₦6,00Dr
- D. ₦8,000Dr