Carriage inwards are
- A. credited to the trading account
- B. debited to the trading account
- C. credited to the profit account
- D. debited o the profit and loss account
- E. debited to the profit and loss appropriation account
The excess of current assets over current liabilities is
- A. authorised capital
- B. norminal capital
- C. issed capital
- D. owners capital
- E. working capital
Gavon. Ltd. failed to record N2,000 wages. The error committed is that of
- A. omission
- B. commission
- C. principle
- D. compensation
- E. original entry
Income received in advance is shown in the balance sheet as
- A. current asset
- B. intangible asset
- C. tangible asset
- D. long term liabilities
- E. current liabilities
Which of the following is a fictitious asset?
- A. plant and mechinery
- B. prepayment
- C. preliminary expenses
- D. investment
- E. fictures and fittings
Which of the following is a Revenue Income?
- A. the sale proceeds of an old table
- B. the sale proceeds of shares
- C. loan refund
- D. debt recovered
- E. the sale proceeds of an old typewriter
Debenture is a
- A. current asset
- B. fixed asset
- C. long term liability
- D. current liability
- E. tangible asset
Trade debts amounting to N300 were written off. Which of the following would be affected?
- A. purchases
- B. profit and losses
- C. creditors
- D. sales ledger
- E. trading account
A partner’s drawing is debited to
- A. profit and loss appropriation account
- B. interest account
- C. loan account
- D. current account
- E. trading account
Which of the following does not belong to the group?
- A. Plant and machinery
- B. stock
- C. goodwill
- D. preliminary expenses
- E. overdraft
Which of the following is the most liquid?
- A. land and buildings
- B. cash at bank
- C. machinery
- D. goodwill
- E. furnitures and fittings
Interest on Johnson’s drawing is
- A. N500
- B. N300
- C. N200
- D. N150
- E. N100
Which of the following does not belong to the group?
- A. discount allowed
- B. salaries and wages
- C. sundry expenses
- D. rates and rent
- E. return inwards
The amount of individual items on a government budget is called
- A. a vote
- B. a deposit
- C. a investment
- D. a loan
- E. a grant
which of the following is not a Nominal Account?
- A. rent
- B. wages
- C. discount
- D. land
- E. interest
Purchases in accounting refers to goods bought for
- A. repairs
- B. owner's use
- C. resale
- D. decorating offices
- E. permanent use
Goodwill is
- A. a current asset
- B. a current liability
- C. a long term liability
- D. a fictitious asset
- E. an intangible asset
The equivalent of a club’s Receipt and payment account is
- A. cash account
- B. revenue account
- C. trading account
- D. suspense account
- E. profit and loss account
The term bad debts means debts
- A. recorded in wrong account
- B. owed by an employee
- C. paid with fake currency
- D. that cannot be collected
- E. owed by a supplier
A trial balance is a proof of accuracy of
- A. transactions
- B. final accounts
- C. double entry in the ledger
- D. trading account
- E. balance sheet
Cash stolen from branch-taking s is recorded in the Head Office books by debiting
- A. defalcations account and crediting branch stock acccount
- B. mark-up account and crediting branch stock account
- C. defalcations account and crediting profit and loss account
- D. cash account and crediting branch stock account
- E. branch stock account and crediting defalcations account