Which of the following is used where virement is not possible and where an application for additional provision reveals a degree of urgency?
- A. reserved expenditure warrant
- B. provisional general warrant
- C. contigncie warrant
- D. supplementary general warrant
- E. virement warrant
Which of the following is used before the appropriation bill is approved?
- A. supplementary general warrant
- B. provisional general warrant
- C. reserved expenditure warrant
- D. virement warrant
- E. supplementary statutory expenditure warrant
The portion of the authorizes capital which has been allotted to members is
- A. uncalld capital
- B. paid-up capital
- C. issued capital
- D. authorized capital
- E. unissued capital
Which of the following does not belong to the group?
- A. furniture and fittings
- B. plant and machinery
- C. building
- D. debtors
- E. general reserve
The cash realized from the sale of asset on dissolution of partnership is
- A. debited to cash account and credit to asset account
- B. credited to cash account and debited to asset account
- C. debited to cash account and credited realisation account and credited to realisation account
- D. credited to cash account and debited to realisation account
- E. debited to realisation account abnd credited to asset account
Which of the following is a charge against profit?
- A. ordinary dividend
- B. general reserve
- C. preference dividend
- D. debenture interest
- E. revenue reserve
Impersonal Accounts contain
- A. real and cash accounts
- B. capital and nominal accounts
- C. real and normal accounts
- D. investment and real accounts
- E. interest received and real account
Which of the following does not appear in a bank statement?
- A. dividend received on behalf of customers
- B. bank charges
- C. insurance premium paid on behalf of customers
- D. dishonoured cheques
- E. uncredited charges
Discount received is shown in the
- A. credit side of sales ledger balances
- B. debit side f bought ledger balances
- C. credit side of bought ledger balances
- D. debit side of sales ledger balances
- E. sales ledger balances as contra entry
Which of the following is not charged to Manufacturing Account?
- A. raw materials
- B. factory's wages
- C. Distribution expenses
- D. royalties
A payment of N150 to a credit
- A. an increase in assets only
- B. a reduction of assets only
- C. a reduction in assets and liabilities
- D. an increase in assets and liabilities
- E. a reduction in the bank account
Which of the following are examples of Nominal account?
- A. land and insurance
- B. cash and interest
- C. building and cash
- D. machinery and wages
- E. rent and discount
The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. Bad debts is
- A. N910
- B. N650
- C. N637
- D. N377
- E. N260
The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. What is the provision for doubtful debts?
- A. N910
- B. N650
- C. N637
- D. N377
- E. N260
The person who has applied for shares in a company is called
- A. allotee
- B. subscriber
- C. promoter
- D. shareholder
- E. applicant
Which of the following is no part of prime cost of production?
- A. cost raw materials
- B. carriage on raw materials
- C. direct expenses
- D. direct wages
- E. depreciation of factory equipment
The payee of a cheque is the
- A. drawer's banker
- B. drawee's banker
- C. person naned to receive the amount on the cheque
- D. bank cashier
- E. drawer
Factory wages are always entered into the
- A. sales account
- B. manufacturing account
- C. profit ans loss account
- D. trading account
- E. trading account
which of the following is not an Appropriation account item for a company?
- A. inerest on drawings
- B. proposed dividends
- C. interim dividends
- D. provision for taxation
- E. General reserve
The purpose of a trading account is to ascertain
- A. sales
- B. gross profit or loss
- C. net profit or loss
- D. carriage outwarrds
- E. appropriated profit
Which of the following entries would be made for goods bought and paid for immediately? Debit
- A. cash account, credit sales account
- B. purchases account; credit cash account
- C. cash account; credit purchases account
- D. purchases account; credit sales account
- E. purchases account; credit goods account