The salary of a shop keeper who sells goods would be charged in the
- A. balance sheet
- B. sales account
- C. profit and loss account
- D. trading account
- E. manufacturing account
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. The value of goods available for sale will be
- A. 3,186
- B. N2,255
- C. N2,175
- D. N2,055
- E. N1,935
Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. Find the cost of goods sold
- A. N3,186
- B. N2,866
- C. N2,255
- D. N2,175
- E. N1,935
Carriage inwards is shown on the
- A. debit side of the profit and loss account
- B. credit side of the trading account
- C. debit side of the trading account
- D. credit side of the profi and loss account
- E. debit side of the cash book
A balance of N102 on waged account was transferred as N120. This is error of
- A. transposition
- B. omission
- C. principle
- D. original entry
- E. compensation
Which of the following will not affect the agreement of the rial balance? i. compensating error ii. debiting an item instead of crediting it iii. making only a single entry
- A. i
- B. ii
- C. iii
- D. ii and iii
- E. i, ii ans iii
Which of the following belongs to the Nominal Ledger?
- A. creditors account
- B. debitors account
- C. salaries account
- D. fixtures account
- E. stock account
Which of the following should be included in the adjusted cash book?
- A. bank charges and commission
- B. cheques issued, presented and cashed
- C. bank deposits
- D. cash payments made by the firm
- E. opening bank overdraft
The balance of the pretty cash book should be
- A. deducted from the balance of the cash account
- B. shown in the balance sheet as cash-in-hand
- C. reconciled with the bank balance
- D. returned to the sales manager
- E. shown in the balance sheet as liability
Cash discount received would be shown in the i. cash book ii. discount received account iii. supplier’s account
- A. i and iii
- B. i, ii, and iii
- C. iii
- D. i and ii
- E. ii and iii
An overdraft is usually shown as a
- A. credit balance in the cash column of the cash book
- B. debit balance in the cash column of the cash book
- C. debit balance in the loan account
- D. credit balance in the bank column of the cash book
- E. debit balance in the bank column of the cash book
The purchase of a typewriter for office use for N2,500 should be debited to
- A. bank accoun
- B. sales account
- C. cash account
- D. purchases account
- E. assets account
A credit note from a supplier for damaged goods would first be entered in the
- A. purchase day book
- B. sales day book
- C. cash book
- D. returns inwards book
- E. returns outwards book
The sales day book will show goods sold
- A. for cash and credit
- B. for cash
- C. on credit
- D. to wholwsalers
- E. to retailers
The principal of double entry book-keeping is that
- A. every debtor must have a creditor
- B. every account debited must be immediately credited
- C. for every debit there must be a corresponding credit
- D. for every double debit, threre must be a double credit
- E. for every item there must be a doubkle entry
Which of the following is true of the uses of the journal proper? i. correction of errors. ii. opening and closing the accounting books iii. recording cash purchases
- A. i
- B. ii
- C. iii
- D. i and ii
- E. i and iii
The trial balance will show return outwards account N60. discount allowed account N100, respectively as
- A. N60 credit, N100 credit
- B. N60 credit, N100 debit
- C. N60 debit, N100 debit
- D. N61 debit, N100 credit
- E. N160 credit, N60 credit
Which of the following errors affects the trial balance?
- A. commission
- B. omission
- C. principle
- D. original entry
- E. lone entry
Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid’s current account?
- A. N940
- B. N1,460
- C. N2,040
- D. N3,060
- E. N3,600
Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid’s current account?
- A. N940
- B. N1,460
- C. N2,040
- D. N3,060
- E. N3,600
Prime cost consist of
- A. factory cost and cost of material
- B. overhead cost and direct cost
- C. direct expenses, direct labour and direct material
- D. direct expenses and direct labour
- E. cost of sale factory cost and cost of materials