The balance on the sales ledger control Account at the end if the accounting year represents total
- A. trade debtors at the end of the year
- B. cash sales for the year
- C. credit sales for the year
- D. amount transferred from the sales day book
Net debtors is
- A. debtors less provision for bad debts
- B. debtors plus provision for bad debts
- C. debtors less prepayments
- D. debtors plus prepaments
Which of the following is correct about cost of goods sold?
- A. opening stock + purchases - closing stock
- B. opening stock + sales + closing stock
- C. openig stock - purchases - closing stock
- D. opening stock + sales + closing stock
The amount set aside out of profit for a specific purpose is
- A. provision
- B. reserve
- C. depreciation
- D. depletion
Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?
- A. capitalization
- B. depreciation
- C. depletion
- D. amortization
Use the following information to answer the question
\(\begin{array}{c|c} \text{Unpresented cheques} & N85,305 \\ \text{Balance as per bank statement} & N206,865 \\ \text{Balance as per cash book} & N144,495\end{array}\)
Uncredited cheques amount to
- A. N229,800
- B. N121,560
- C. N85,305
- D. N22,935
Use the following information to answer the question
\(\begin{array}{c|c} \text{prepared} & \text{1/01/2003} & N600.00\\ \text{Rent paid} & \text{31/12/2003} & N3,000.00\\ \text{Rent prepaid} & \text{31/12/2003} & N400.00\end{array}\)
Rent for 2013 amounted to
- A. N4,000
- B. N3,200
- C. N3,000
- D. N2,800
The total of the purchases day book is posted to the purchases account in the
- A. general ledger
- B. purchases journal
- C. private ledger
- D. purchases ledger
Which of the following items is not shown in the Trial Balance
- A. closng stock value
- B. opening stock balance
- C. opening dentors balance
- D. closing asset value
Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in
- A. suspense Account
- B. trading account
- C. control account
- D. profit and loss account
Which of the following is not a source document?
- A. credit note
- B. invoice
- C. debit note
- D. bank note
Rent receivable account is an example of
- A. nnorminal account
- B. real account
- C. personal account
- D. private account
Which of the following is both a subsidiary book and a ledger?
- A. sales journal
- B. purchases journal
- C. returns inward book
- D. cash book
Which of the following is used to record the purchase of fixed asset on credit?
- A. sales journal
- B. journal proper
- C. purchases journal
- D. cash book
The principle entry book-keeping states that every
- A. every debit entry must have a corresponding credit entry
- B. debtor must have a creditor
- C. double debit must must have a double credit entry
- D. account debited should also be credited
The sales day Book is used to record
- A. cash and credit sales
- B. credit sales
- C. cash sales
- D. sales to middleman
Where there is a loss on disposal of a fixed asset, it means
- A. depreciation has been underestimated
- B. depreciation has been overestimated
- C. scrap value has not been estimated
- D. depreciation method used is inappropriate
Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are
- A. debit drawings account, credit purchases account
- B. debit purchases account, credit sales account
- C. debit sales avvount, credit drawings account
- D. debit drawings account, credit sales account
Resources consumed but to be paid for within the next accounting period are classified in the balance sheet as
- A. current liabilities
- B. current assets
- C. long-term liabilities
- D. capital
The part of the C.P.U used for the processing of data is
- A. Monoru unit
- B. arithmetic and logic unit
- C. output unit
- D. input unit
Using the following information to answer the given question
\(\begin{array}{c|c} Post & Grade & \text{Number in post} & Rate \\ \hline \text{Chief Accountant} & 15 & 1 & N371,748\\ \text{Asst, Cheif Accountant} & 14 & 2 & N301,452\\ \text{Principal Accountant} & 12 & 4 & N243,732\\ \text{Accountant} & 7 & 6 & N113,632\\ \text{Clerk} & 3 & 10 & N54,166\end{array}\)
Additional information:
(a) All employees are on the first step of their
(b) Allowances
\(\begin{array}{c|c} \text{Grade Level} & \text{Transport Allowance} & \text{Housing Allowance} & \text{Responsibility Allowance} \\ \hline \text{12 and above} & \text{N24,000 per annum} & \text {N120,000 per annum} & \text{N30,000 per annum} \\ \text{1 to 7} & \text{N13,200 per annum} & \text{N48,000 per annum} & – \end{array}\)
The responsibility allowance of grade leaves 14 and 15 was
- A. N21,000
- B. N90,000
- C. N60,000
- D. N30,000