A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?
- A. N20
- B. N40
- C. N400
- D. N200
Given:
Bank overdraft…………..N2000
Cash……………………N2000
Furniture……………….N4000
Calculate the total amount on the credit side of the trial balance?
- A. N4000
- B. N2000
- C. N6000
- D. N8000
One of the benefits of book-keeping records is that they?
- A. give prospective investors accurate and direct information for decisions-making
- B. provide the public and creditors with details of the operations of an entity
- C. give legal backing to all the transactions undertaken by a business entity
- D. provide information without which the task of management would be difficult
If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?
- A. A decraese in the total asssets by N5000
- B. An incraese in the total liabilities and owners' equity by by N15 000
- C. An increase in the total assets by N15 000
- D. A decrease in owners' equuity by N5000
Use the information below to answer questions
Given:
Returns inwards…………N1500
cash…………………..N1550
Discount……………….N2850
Capital………………..N3800
Debtors………………..N900
Sundry…………………N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors
The total of the trial balance is?
- A. N6600
- B. N6650
- C. N5600
- D. N5900
Use the information below to answer questions
Given:
Returns inwards…………N1500
cash…………………..N1550
Discount……………….N2850
Capital………………..N3800
Debtors………………..N900
Sundry…………………N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?
- A. N2700
- B. N2250
- C. N1550
- D. N2000
The fourth stage of the accounting information system is?
- A. recording
- B. interpreting
- C. summarizing
- D. classifying
Use the information below to answer questions
Balance as per cash book…………….N13560
Unpresented cheques…………………N5120
Uncredited lodgements……………….N2300
Dividend received not entered
in the cash book……………………N2000
Bank charges……………………….N280
Standing order payments……………..N600
Balance as per bank statement…………?
What is the adjusted cash book balance?
- A. N14 680
- B. N15 560
- C. N16 440
- D. N17 000
Use the information below to answer questions
Balance as per cash book…………….N13560
Unpresented cheques…………………N5120
Uncredited lodgements……………….N2300
Dividend received not entered
in the cash book……………………N2000
Bank charges……………………….N280
Standing order payments……………..N600
Balance as per bank statement…………?
Calculate the balance in the bank statement.
- A. N14 680
- B. N15 560
- C. 17 500
- D. 16 380
Journal proper is used in recording?
- A. transactions that are not regular
- B. returns from customers
- C. credit sales
- D. the receipt and payment for money
The process whereby a cheque received by one person is given to another is known as?
- A. cheque crossing
- B. payment in cheque
- C. cheque transfer
- D. cheque endorsement
Use the information below to answer question
Net loss…………………..N2300
Capital……………………N10500
Liabilities………………..N7200
What will be the equity of the business?
- A. N12 800
- B. N4900
- C. N8200
- D. N9500
Use the information below to answer question
Net loss…………………..N2300
Capital……………………N10500
Liabilities………………..N7200
Find the value of the total assets?
- A. N17 700
- B. N10 500
- C. N20 000
- D. N15 400
Given:
Prepaid b/f…………………..N10 000
Cash paid during the year………N20 000
The amount to be charged to the profit and loss account is?
- A. N30 000
- B. N25 000
- C. N5 000
- D. 20 000
The purchases ledger control account showed a credit balance of N525 000 on April 30, 2006.
This amount shows?
- A. what the debtor of a business enterprise owed the business
- B. the total amount which each debtor owed the business
- C. what a business enterprise owed its creditors
- D. the amount whicih a business enterprise owed creditor
Use the information below to answer question .
Debtors……………………………N20
Provision for bad debts………………10%
Provision for discount on debtors……..5%
The provision for bad debt is?
- A. N2000
- B. N800
- C. N3000
- D. N1900
Use the information below to answer question
Debtors……………………………N20
Provision for bad debts………………10%
Provision for discount on debtors……..5%
Determine the amount provided for discount allowed on debtors?
- A. N1000
- B. N3000
- C. N900
- D. N1500
(i) Facilitating the preparation of final accounts
(ii) Making the existence of error easy to detect
(iii)Checking the accuracy of positions periodically.
From the above, which of the following are among the uses of control accounts?
- A. i, ii and iii
- B. i and iii
- C. ii and iii
- D. i and ii
Use the information below to answer questions
……………………1/7/2005…………30/6/2006
Drawings……………………………….N3 000
Capital……………..25 000……………N42 500
Furniture……………6 500……………N10 200
Additional capital during the year amounts to 300% of the drawings.
What is the amount of the additional capital?
- A. N900
- B. N900 000
- C. N90 000
- D. N9 000
Use the information below to answer questions
……………………1/7/2005…………30/6/2006
Drawings……………………………….N3 000
Capital……………..25 000……………N42 500
Furniture……………6 500……………N10 200
Additional capital during the year amounts to 300% of the drawings.
Calculate the net profit or loss made during the year.
- A. N15 100 profit
- B. N15 100 loss
- C. N11 500 profit
- D. N11 500 loss
Given:
Opening capitaL…………….N7 000
Additional capital………….N3 500
Net……………………….N2 500
Closing……………………N10 250
The drawings for the period stand at?
- A. N2570
- B. N3750
- C. N2500
- D. N2570