Which of the following is a function of the operating system of a computer?
- A. controls the input and output peripherals
- B. used to enter data
- C. has magnetic surface for storage
- D. used to display data
Ordinary shares are also known as
- A. equity
- B. net worth
- C. loan
- D. reserve
The coming together of two sole trading businesses to form a partnership is
- A. combination
- B. acquisition
- C. amalgamation
- D. association
The permanent memory of a computer is the
- A. ROM
- B. RAM
- C. ALU
- D. CPU
Which of the following is a subsidiary book as well as a ledger?
- A. cash book
- B. general journal
- C. returns outward book
- D. purchases day book
Which of the following is not required in preparing a statement of affairs?
- A. fixed assets
- B. net profit
- C. accruals
- D. cash in hand
Where there is no partnership agreement, a partner who advances loan to the partnership is entitled to ____ Interest
- A. 2%
- B. 15%
- C. 10%
- D. 5%
The opening stock at the beginning of an accounting period represents
- A. goods returned from last accounting period
- B. cost of goods sold
- C. cost of goods purchased
- D. goods available for sale
Which of the following bodies regulates accounting practices in Nigeria?
- A. ANAN
- B. EFCC
- C. NIB
- D. NIT
A method of stock valuation is
- A. accural
- B. owing
- C. advance
- D. SAP
Peripherals are used in computer to describe
- A. computer types
- B. computer functions
- C. method of inputting data
- D. inputs, output and storage devices
Which of the following is a characteristics of a limited liability company?
- A. death of a shareholder dissolves the company
- B. Owned by the directors
- C. separated from the owners
- D. profits are shared equally
Who among the following developed the idea of double entry book-keeping?
- A. FrankWood
- B. Omuya James
- C. James Lucas
- D. Francia Luca Pacioli
Depriciation is?
- A. an appropriation of profit
- B. estimated life of an asset
- C. loss in the value of fixed asset
- D. increase in asset value
A partner whose liability does not extend beyond the amount of capital contributed by him is known as
- A. general partner
- B. active partner
- C. limited partner
- D. legal partner
When discount is allowed, the accounting entry is debit discount allowed account and credit ____ account
- A. suspense
- B. expense
- C. creditor
- D. debtor
Goodwill is taken into account in partnership business when
- A. the business is being dissolved
- B. the business has good customer relations
- C. a new partner is admitted
- D. when the business is making huge profit
An equipment costing # 9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. What is the depreciation charge for the three using diminishing balance method?
- A. #990
- B. #900
- C. #729
- D. #810
An equipment costing #9,000 has an estimated residual value of #900, and is depreciated at 10% per annum. Using the straight-line method, what is the depreciation charge for the second year?
- A. #810
- B. #900
- C. #990
- D. #1,000
When manufactured goods are transferred to the trading account at the market price, the difference is credited to the
- A. manufacturing account
- B. balance sheet
- C. trading account
- D. profit and loss account
Peripherals are used in computer to describe
- A. inputs, output and storage devices
- B. computer types
- C. method of inputting data
- D. computer functions