The capital sum which represents the difference between he asset and liabilities of a society or club is
- A. working capital
- B. accumulated fund
- C. consilidated fund
- D. reserved capital
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is
- A. N24,000
- B. N21,000
- C. N18,000
- D. N9,000
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is
- A. N48,000
- B. N39,000
- C. N36,000
- D. N21,000
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was
- A. N39,000
- B. N16,000
- C. N14,000
- D. N12,000
Which of the following is not an accounting concept?
- A. entity
- B. going-concern
- C. consistency
- D. historical cost
The double entry for refund of unsuccessful application monies is debit
- A. application for shares account, credit bank account
- B. bank account, credit application for shares accoun
- C. allotment account, credit bank account
- D. cash account, credit bank aaccount
The term bad debt is used to describe
- A. a debt that cannot be recovered
- B. a debt that is long over due
- C. an overcharge on a debtor's account
- D. a debt owned by a former employee
A provision is
- A. an amount set out of profit for other uses
- B. an amount of loss from trading activities
- C. an expense of buisiness to be paid for in cash
- D. a loss in value of all business assets
Carriage inward expenses of a business is treated in
- A. trading account
- B. balance sheet
- C. appropriation account
- D. profit and loss account
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The amount of factory overhead is
- A. N42,300
- B. N31,800
- C. N28,800
- D. N21,000
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The prime cost is
- A. N68,700
- B. N65,700
- C. N62,700
- D. N58,800
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
What is the cost of raw materials consumed?
- A. N34,500
- B. N31,500
- C. N28,500
- D. N28,500
Which of the following belongs to the normal ledger?
- A. salaries account
- B. fixtures account
- C. stock account
- D. debtors account
Discounts allowed is charged to
- A. trading account
- B. balance sheet
- C. current account
- D. profit and loss account
Which of the following is not a liability?
- A. accrued wages
- B. rent arrears
- C. prepayment
- D. insurance due but unpaid
The source document sent by the seller to the buyer when goods are returned is
- A. credit note
- B. purchase invoice
- C. sales invoice
- D. debit invoice
Rent Payable Account is an example of a
- A. norminal account
- B. real account
- C. personal account
- D. private account
A fixed amount of money set aside for petty expenses is
- A. imprest
- B. float
- C. receipt
- D. fund
The accounting equation is
- A. Capital less current assets amounts to Liabilities
- B. assets less liabilities amount to capital
- C. fixed assets and current Liabilities amount to capital
- D. capital assets amount t liabilities
The art of recording transactions in books of account is known as
- A. debiting
- B. book-keeping
- C. auditing
- D. crediting
Which of the following has multiple uses?
- A. sales jounal
- B. purchases journal
- C. general jounal
- D. returns outwards journal