Which of the following does not lead to depreciation assets?
- A. wear and tear
- B. passage of time
- C. devaluation of Naira
- D. obsolescence
- E. usage
Expenses incurred but not yet paid is
- A. contigent liability
- B. current liability
- C. current asset
- D. fixed asset
- E. capiatal expenditure
The chief accounting officer of Nigeria is called the
- A. auditor general
- B. chief accountant
- C. treasurer
- D. accountant general
- E. minister of finance
Which of the following is not true of a trial balance?
- A. list taken of the account balance in the general ledger
- B. proof of the arithmetical accuracy of the ledger postings
- C. summary of data for the preparation of financial statement
- D. list of account abstracted from a subsidiary ledger to check their agreement with the related control account
- E. list of balances ensuring that the accounts are correct
Which of the following does not relate to a manufacturing concern?
- A. balance sheet
- B. profit and loss account
- C. ledger account
- D. cash book
- E. income and expenditure
Expenditure incurred to maintain an asset’s earning capacity is called
- A. capacity expenditure
- B. revenue expenditure
- C. general expenditure
- D. tangible expenditure
- E. intangible expenditure
Which of the following is a fictitious asset?
- A. preliminary expenses
- B. fixtures and fittings
- C. cash in hand
- D. land and buildings
- E. investment
In the consignee’s record account, the accounting treatment of expenses paid for on behalf of the consignor is debit
- A. consignee's account, credit cash account, credit cash account
- B. cash account, credit consignor's account
- C. consignee's account, credit cash account
- D. cash account, credit consignee's account
- E. account sales, credit consignee's account
Which of the following does a consignee prepare and send to his consignor?
- A. account eceivable
- B. current account
- C. account payable
- D. account sales
- E. consignment account
The aggregate of amounts owed to a business by is customers is known as
- A. accounts receivable
- B. account current
- C. accounts payable
- D. accumulated fund
- E. debtors' fund
The maximum amount which a company can raise by way of selling share is
- A. issued capital
- B. working capital
- C. paid-up capital
- D. shareholders capital
- E. authorized capital
A fund established for the payment of minor expenses is
- A. cash discount
- B. cash flow
- C. petty cash
- D. accumulated fund
- E. reserve
Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque
- A. i and v
- B. i and ii
- C. ii, ii and iii
- D. i and iv
- E. i, iv and v
When a business is purchased, the double entries required in the purchaser’s book are debit,
- A. venfdor's account and credit purchase of business account
- B. asset account and credit purchases of business account
- C. cash account and credit vendor's account
- D. purchase of business account
- E. vendor's account and credit cash account
The financial plan of the government for a year is contained in the
- A. vote book
- B. cash analysis book
- C. budget
- D. general order
- E. gazette
Which of the following is not a cause discrepancy between cash book and bank statement balances?
- A. deposits in transit
- B. standing order
- C. paid cheques
- D. dishonoured cheque
- E. uncredited cheques
Provision for depreciation on office furniture is charged to
- A. capital account
- B. profit and loss appropriation account
- C. trading account
- D. profit and loss account
- E. manufacturing account
A list of balance extracted from the ledger is known as
- A. balance sheet
- B. statement of affairs
- C. trading account
- D. profit and losss account
- E. trial balance
Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of
- A. principle
- B. original entry
- C. omission
- D. commission
- E. compensation
The undistributed profits of a limited liability company is
- A. goodwill
- B. working capital
- C. net profit
- D. rtained earings
- E. net loss
Working capital is measured by the excess of
- A. current liabilities over current assets
- B. fixed assets over current assets
- C. currents assets over current liabilities
- D. current assets over fixed assets
- E. long term liabilities fixed assets