As evidence of payment to a government ministry, the revenue collector issue
- A. treasury card
- B. receipt voucher card
- C. treasury recipet
- D. payment voucher
- E. store receipt voucher
Materials are taken out of government unallocated store by means of
- A. verbal instruction by the Governor
- B. stores issue voucher
- C. stores credit voucher
- D. store ledger card
- E. departmental authorisation order
The Chief accounting officer of the Federation Republic of Nigeria is the
- A. chief accountant
- B. minister of finace
- C. minister of economic planning
- D. accountant general of the federation
- E. auditor general of the federation
The assets of business can be classified broadly int
- A. fixed and floating assets
- B. fixed and current assets
- C. intangible and fixed assets
- D. current and circulating assets
- E. investment and tangibl assets
One of the advantages of control account is that
- A. all errors are localised tus reducing delays in balancing accounts
- B. all erroes are generalized thus reducing delays in balancing accounts
- C. book keepers cannot make mistakes
- D. all errors are posted into the account
- E. all cash transactions are posted into the accounts
A private limited company is that which i. restricts the right to transfer its share. ii. has a minimum of seven members. iii. limits membership to fifty. iv. offers its shares for sale to the public
- A. i and ii
- B. ii and iv
- C. i and iv
- D. ii and iii
- E. i and iii
In a professional partnership, membership must be between
- A. 2 and 8
- B. 2 and 10
- C. 2 and 50
- D. 2 and any number
- E. 2 and 20
Impersonal real accounts include. i. expenditure on telephone ii. motor vehicles iii. expenses on telegram iv. land and buildings
- A. i and iii
- B. iii and iv
- C. ii and iv
- D. i, ii and iii
- E. i, ii, iii and iv
Ajijola Enterprises bought 40 pairs of shoes at N45 each from Kabi Shoe Factory on credit. This transaction will first be recorded by Ajijola in the
- A. ledger
- B. principal journal
- C. cash book
- D. purchases day book
- E. sales day book
Which of the following will not affect the agreement of the cash book balance and bank statement balance?
- A. bank charges
- B. standing order
- C. dishonoured cheque
- D. cash payment
- E. unpresented cheques
In a non-profit oriented organization, the excess of income over expenditure is
- A. asses ro the capita,l
- B. added to the accumulated fund
- C. deducted from the capital
- D. deduced from the accumulated fund
- E. deduced from the reserve
Directors’ remuneration are recorded in the book as
- A. revenue expenditure
- B. appropriaion
- C. deferred expenditure
- D. provision
- E. capital expenditure
Subscription in advance is treated in the balance sheet of a club as
- A. current liability
- B. current asset
- C. fixed asset
- D. fictitious asset
- E. intangible asset
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. The amount carried in the Balance Sheet is classified as
- A. current asset
- B. current liabilities
- C. investment
- D. fictitious asset
- E. reserve
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is carried in the Balance Sheet at 31st December 1990?
- A. N1,350
- B. N1,080
- C. N338
- D. N270
- E. N90
A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How much is charges to the profit and loss account for 1990?
- A. N1,350
- B. N1,080
- C. N338
- D. N270
- E. N90
Adex Company Limited issued ordinary shares N1 each to the public at N1.20. The statement were issued at
- A. a discount
- B. a profit
- C. a loss
- D. par
- E. a premium
Which of the following is not a book of prime entry?
- A. cash book
- B. puchases day book
- C. sles day book
- D. journal paper
- E. purchases ledger
The purchases of a typewriter for the office was debited to purchases account. This is an error of
- A. commission
- B. omission
- C. original entry
- D. principle
- E. compensation
The accounting equation is
- A. assets and liabilities amount to capital
- B. capital less assets amounts to liabilities
- C. asseta less liabilities amount to capital
- D. capital and assets amounts to liability
- E. fixed assets and current liabilities amount to capital
In a manufacturing company, wages paid to operatives increase the value of
- A. urnover
- B. prime cost
- C. gross profit
- D. overhead cost