A subsidiary record is a book
- A. of ordinary entry
- B. containing the ledgers
- C. found in the journal
- D. containing the balance sheet
Which of the following is a fictitious asset?
- A. overdraftt
- B. cash in hand
- C. reserves
- D. preliminary expenses
Which of the following explains the short term solvency of a company?
- A. acid test ratio
- B. debtor to equity ratio
- C. net profit margin ratio
- D. gross profit margin ratio
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be reimbursed at the end of the month is
- A. N4,000
- B. N3,728
- C. N3,483
- D. N1,842
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount soent on stationery is
- A. N765
- B. N585
- C. N538
- D. N437
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be posted to the personal ledger is
- A. N765
- B. N585
- C. N536
- D. N517
Prime cost consist of
- A. direct material and direct labour cost
- B. direct material, direct labour and direct expenses
- C. direct material, direct labour, direct expenses overhead
- D. direct material and direct expenses
Which of the following is not an example of a fictitious asset?
- A. Raw materials stock
- B. debit balance of profit and loss account
- C. preliminary expenses f a limited company
- D. expenditure on incorporation carried forward
Which of the following has a debit balance at the end of the year?
- A. rates prepaid account
- B. bank loan account
- C. income received in advance account
- D. ordinary share capital account
The amount by which assets exceed specific liabilities is called
- A. reserve
- B. provision
- C. premium
- D. bonus
The income accruing to debenture holders is called
- A. dividend
- B. net profit
- C. shares
- D. interest
Which of the following belongs to the sales ledger?
- A. Motor Van Disposal account
- B. Bank Account
- C. Debtors Account
- D. Rent and Rates Account
A suspense account is used to
- A. record sales
- B. agree the trial balance
- C. record purchases
- D. prepare the balance sheet
Subscriptions in arrears is treated in the balance sheet of a club as
- A. current liability
- B. intangible assets
- C. fictitious asset
- D. current asset
“Accountants do not count chickens before they are climbed”. This is the concept of
- A. accrual
- B. materiality
- C. realisation
- D. going-concern
The total amount of money set aside for a particular purpose by government is
- A. fund
- B. vote
- C. virement
- D. budget
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. The amount carried in the Balance sheet is classified as
- A. current asset
- B. current liability
- C. capital
- D. long-term liability
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is carried in the Balance Sheet at 31st December, 2000?
- A. N45,000
- B. N12,000
- C. N9,000
- D. N4,500
Depreciation is
- A. cost of repairs incurred on a fixed asset
- B. a charge for the wear and tear of fixed assets
- C. the cost incurred on replacing a fixed asset
- D. provision for loss of fixed asset
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is charged to profit and loss account for the year 2000?
- A. N45,000
- B. N42,000
- C. N36,000
- D. N33,000
Which of the following is not an input device?
- A. diskette
- B. card
- C. keyboard
- D. printer