Partners whose liabilities are restricted to their financial contribution to the partnership in the event of winding up are
- A. ordinary partners
- B. limited partners
- C. dormant partners
- D. sleeping partners
The portion of authorized capital that has been allotted to subscribers
- A. called up capital
- B. paid up capital
- C. issued capital
- D. nominal capital
The term used to denote the capital of a not-for-profit making organization is
- A. annuity fund
- B. nominal capital
- C. circulating capital
- D. accumulated fund
The equivalent of income and expenditure account in a trading concern is
- A. trading account
- B. profit and loss account
- C. appropriation account
- D. balance sheet
Which of the following is not an input device?
- A. card reader
- B. paper top reader
- C. alpha-numeric keyboard
- D. line partnership
Rent accrued in 2009 was D140, in 2010, D900 was paid while D160 was outstanding. Rent for 2010 was
- A. D1,200
- B. D1,060
- C. D920
- D. D880
The concept which establishes the rule for the periodic recognition of revenue as soon as it is capable of objective measurement is
- A. going concern
- B. entity
- C. consistency
- D. realization
which of the following is a component of prime cost?
- A. depreciation
- B. royalty
- C. factory rent
- D. factory electricity
A partner who only make capital contribution but does not take part in the management of the partnership business is a/an
- A. ordinary partner
- B. limited partner
- C. dormant partner
- D. nominal partner
Which of the following is not prepared by a partnership?
- A. trading account
- B. profit and loss account
- C. income and expenditure account
- D. profit and loss appropriation account
The name given to a budget in public service accounting is
- A. vote
- B. subvention
- C. general order
- D. estimate
Branch stock account is used to determine the
- A. net value of goods sent to branch
- B. gross profit of the branch
- C. branch credit sales
- D. branch net profit or loss
Osa started business with Le 40,000 cash. The accounting entry is debit
- A. cash account; credit capital account
- B. capital account; credit cash account
- C. purchases account; credit cash account
- D. expenses account; credit capital account
Which of the following is an example of factory overheads?
- A. salary of marketing officer
- B. salary of production officer
- C. salary of accounting officer
- D. wages of machine operator
Capital receipt is collected
- A. on sales of motor vehicle
- B. on sales of stock in trade
- C. from trade debtors
- D. from trading activities
The addition of prime cost and factory overhead is
- A. total factory overheads
- B. market value of goods produced
- C. cost of goods produced
- D. work-in-progress
Which of the following is a trading account item?
- A. discount allowed
- B. discount recieved
- C. carriage outwards
- D. carriage inwards
The process of entering transaction from one book to another is
- A. reading
- B. posting
- C. numbering
- D. listing
A balance sheet shows only
- A. fixed assets and current assets
- B. assets and long term liabilities
- C. assets and liabilities
- D. assets and capital
Which of the following is a book of ordinary entry?
- A. ledger
- B. balance sheet
- C. bank statement
- D. sales journal
A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit
- A. asset account credit purchase account
- B. asset account credit capital account
- C. capital account credit asset account
- D. capital account credit profit and loss account