A fixed cost is fixed only in relation to?
- A. the quality of goods produced
- B. the quantity of goods sold
- C. a given period of time and a range of activities
- D. a given period of time and the nature of activity
The simplest form of single entry procedure consists fo keeping a?
- A. day book or general journal
- B. cash book and ledger accounts showing debtors and creditors balances
- C. cash journal, sales journal and purchases journal
- D. day book in which transactions are described in chronological order
Given:
Sales Ledger Control Account (Extracts)
Balance b/f N10,600
Total cash payments by debtors N32,275
Total credit sales N59,193
Discount received N9,700
Balance c/f N20,751
Discount allowed N2,890
Determine the sales returns?
- A. N24,577
- B. N13,877
- C. N7,067
- D. N2,890
In a manufacturing company, the total cost of goods produced is equivalent to?
- A. purchases
- B. sales
- C. cost of goods sold
- D. cost of materials used
An expenses account is closed by a debit to?
- A. an asset account and a credit to the expenses account
- B. the expenses account and a credit to an asset account
- C. profit and loss account and a creit to the expenses account
- D. the expenses account and a credit to profit and loss account
Which of the following errors will affect the trial balance total?
- A. posting disscount allowed to the debit side of the discount allowed account
- B. omision of one account from the list when extracting from the ledger
- C. failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
- D. omission of sales of N3,000 and purchases of N2,000
A general journal contains?
- A. date, narration, folio, debit, and purchases
- B. date, narration, folio, debit and purchase
- C. folio, credit, date, debit and sales
- D. debit, credit, narration, and date
The most convenient cash book used by a petty trader operating in an area where there is no banking facility is?
- A. four column
- B. three column
- C. single column
- D. two column
A source document that aids the ascertainment of amount paid out of current account is the?
- A. teller
- B. cheque stub
- C. cheque
- D. teller stub
Which of the following is an example of intangible assets?
- A. trade debtors
- B. stock of goods
- C. trade creditors
- D. motor vehicles
The main objective of bookkeeping is to record economic?
- A. transactions systematically for routine managerial decision-making
- B. events clearly to ensure adequate checks and balances
- C. events clearly to facilitate strategic managerial desicion-making
- D. transaction systematically to ascertain the financial position of a business
Use the information below to answer question 4 and 5.
Sales N20,000
Cost sales N10,000
Operating expenses N2,500
Expenses prepaid included
in operating expenses N500
Calculate the net profit?
- A. N12,500
- B. N10,000
- C. N8,000
- D. N7,500
In order to make the cash book balance equal to the bank statement, it is usual to add?
- A. uncredited cheques
- B. direct payments by bank
- C. bank charges
- D. unpresented cheques
To write off bad debt, debt?
- A. debtor's account and credit provision for bad debt
- B. bad debt account and credit debtor's account
- C. debtor's account credit bad debt
- D. provision for bad debt account and credit debtor's account
On November 1, 1998, Zaria Holdings owed N13,600 in respect of a creditor. On November 15, it purchases goods worth N69,000 and paid a cheque of N51,600. On November 29, one of the Holdings’ cheques worth N3,000 was returned while the creditor granted a N1,500 discount. The amount owed by Zaria Holdings as at November 29 is?
- A. N32,500
- B. N32,000
- C. N31,000
- D. N29,500
The conventional sources of public revenue includes?
- A. loans,taxation, foreign reserves and dividends
- B. interest, royalties, taxation and loans
- C. crude oil, interest, posted price and taxation
- D. taxtion, deficit budgeting, royalties and loans
Which of the following account is kept by local governments in Nigeria?
- A. Balance sheet
- B. Advances account
- C. Debtors account
- D. Profit account
Capital and revenue expenditures of government are usually accounted for under funds which include?
- A. A personal advances, technical, special trust and
- B. technical, special trusth and commercial funds
- C. personal advances, treasury clearance and special trusth funds
- D. commercial loans and treasury clearance funds
What is the correct entry in the head office books at the point of initial transfer of the goods?
- A. Branch stock account would be credited with
- B. Branch stock account would be debited with N12,000
- C. Goods sent to branch account would be debited with N10,800
- D. Goods sent to branch account would be credited with N12,000
Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?
- A. debit to goods sent to branch account
- B. debit to branch stock adjustment account
- C. credit to branch adjustment account
- D. credit to branch stock adjustment account