Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers’ Account
- A. i and ii
- B. ii and iii
- C. i and iii
- D. i,ii and iii
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Baba’s Current Account balance on 31st December, 2000 is
- A. N35,500
- B. N25,000
- C. N21,000
- D. N20,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Tunde’s Current Account balance on 31st December, 200 is
- A. N30,000
- B. N25,500
- C. N25,000
- D. N10,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is
- A. N20,000
- B. N10,500
- C. N5,000
- D. N4,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde’s capital is
- A. N10,000
- B. N5,000
- C. N4,000
- D. N1,500
Partner’s interest on capital is shown in the
- A. profit and loss account
- B. partners Fixed Capital account
- C. profit and loss Appropriation
- D. trading account
A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of
- A. accrual
- B. materiality
- C. prudence
- D. going-concern
A deduction from the sales price of goods that is allowed if payment is made within a specified period of time
- A. trade discount
- B. cash discount
- C. quantity discount
- D. rebate
Partner’s interest on capital is shown in the
- A. profit and loss Account
- B. oartners fixed capital account
- C. profit and loss appropriation account
- D. trading account
A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of
- A. accrual
- B. materiality
- C. prudence
- D. going-corncern
The price paid for the purchase of a business is
- A. credited to cash accounted to cash account and debited to vendor's account
- B. debited to cash account and credited to Vendor's Account
- C. debited to business purchase Account and credited to Asset Account
- D. credited to cash Account and debited to Asset Account
The financial plan of the government for a year is contained in the
- A. analysis book
- B. gazette
- C. budget
- D. vote
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of fixed assets is
- A. N57,300
- B. N47,500
- C. N40,000
- D. N37,500
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The opening capital is
- A. N32,000
- B. N26,000
- C. N25,600
- D. N14,000
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current assets is
- A. N28,500
- B. N20,150
- C. N19,750
- D. N17,000
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current liabilities is
- A. N32,750
- B. N20,150
- C. N19,750
- D. N11,000
Into how many types can general purpose computers be classified?
- A. three
- B. four
- C. five
- D. six
The amount for which a business is sold is
- A. purchase consideation
- B. premium
- C. capital reserve
- D. goodwill
When shares are oversubscribed, the promoters may decide to scale down. When this is done, the shares are issued proportionately
- A. on pro-rate
- B. at discount
- C. at par
- D. at premium
The document authorising an officer to incur expenditure is known as
- A. virement
- B. budget
- C. warrant
- D. vote
The total of the purchases day book is posted to the purchases account in the
- A. purchases ledger
- B. general ledger
- C. private ledger
- D. nominal ledger