Which of the following is a credit item in creditors ledger control account?
- A. Purchases returns
- B. Bills payable
- C. Purchases
- D. Cash receipts
The main purpose of control account is to?
- A. detect errors and irregularities
- B. assist purchases
- C. assist sales
- D. check management incompetence
In a period of inflation, which of the following method normally gives a closing closing stock?
- A. FIFO
- B. LIFO
- C. Sinple average
- D. periodic simple average
Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the FIFO method, what is the value of the closing stock?
- A. N1280
- B. N1184
- C. N1024
- D. N960
Use the information below to answer questions .
Aug. 1 Received 20 units at N60 each
Aug. 6 Received 20 units at N68 each
Aug. 10 Issued 16 units
Aug. 20 Received 40 units at N80 each
Aug. 31 Issued 48 units
Using the simple average method, what is the cost per unit of the closing stock?
- A. N80
- B. N74
- C. N64
- D. N60
The factor that determine the periodic depreciation charge are?
- A. asset cost, market value and useful life
- B. asset cost, market value and residusl value
- C. asset value, cash value useful life
- D. asset cost, salvage and useful life
\(\begin{array}{c|c}
\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\
\hline
\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\
\hline
\text{Sales} & 2,400 & \text{Wages} & 1,230 \\
\end{array}\)
Determine the closing balance of the cash book?
- A. N655 credit
- B. N655 debit
- C. N130 credit
- D. N130 debit
Use the information below to answer question .
Capital…….N12 700……..Purchases……N7 100
Debtors…….N4 000……..Stationery…..N1 900
Sales………N2 400……..Wages……….N1 230
The owners wishes to maintain an account equal to of capital as drawings.
What is the amount withdrawn?
- A. N9525
- B. N9000
- C. N7100
- D. N6400
The medium that enables the ATM to read the account details and process transaction directly with the account held in the bank is the?
- A. smart card
- B. communication network
- C. magnetic strip
- D. computerized account
Commission-on-turnover is charged on?
- A. current accounts only
- B. savings accounts only
- C. fixed deposit accounts only
- D. all bank accounts
Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?
- A. debited with N10 000
- B. credited with N10 000
- C. debited with N500
- D. credited with N500
An entry made in bank column of cash book to record movement of cash between the office and the bank is the?
- A. real entry
- B. special entry
- C. direct entry
- D. contra entry
Given:
…………….Cash Book……………………
Capital……….N6 500……..purchases…..N12 250
Sales…………N30 000……..Rent……….N9 100
…………………………..Motor vehicle.N2 400
Find the bank balance?
- A. N71 250 credit
- B. N71 250 debit
- C. N95 000 credit
- D. N95 000 debit
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?
- A. i and ii
- B. i and v
- C. ii and iv
- D. iii and v
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?
- A. i and v
- B. ii and iv
- C. ii and vi
- D. iii and iv
Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?
- A. cash and credit stationery
- B. purchase and credit stationery
- C. stationery and credit cash
- D. stationery and credit purchases
Given:
Sales…………………N4000
Light expenses…………N2900
Rent………………….N1500
Purchases……………..N7500
Debtors……………….N6000
Creditors……………..N29000
Drawings………………N25
Bank………………….N400
General expenses……….N1500
Calculate the total of trial balance?
- A. N64 300
- B. N46 825
- C. N41 850
- D. N33 325
One basic assumption of the double entry theory is that it allows?
- A. two credit entries at the same time
- B. two debit entries at the same time
- C. debit and credit two credit entries at the same time
- D. debit and credit two credit entries in corresponding account
A financial analyst needs accounting information to?
- A. maintain the production section of the business
- B. know why transactions cause increase and decreases in assets
- C. advise on how to manage the business
- D. know how to record transaction in T account
Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?
- A. Conservatism
- B. Historical
- C. Monetary
- D. Cost
One of the major features of bookkeeping is that it?
- A. provides permanent records for all financial transactions
- B. is futuristic in nature
- C. accpets responsibility for all wrong postings
- D. does not give room for double entry procedures