Impersonal Accounts contain
- A. real and cash accounts
- B. capital and nominal accounts
- C. real and normal accounts
- D. investment and real accounts
- E. interest received and real account
Which of the following does not appear in a bank statement?
- A. dividend received on behalf of customers
- B. bank charges
- C. insurance premium paid on behalf of customers
- D. dishonoured cheques
- E. uncredited charges
Discount received is shown in the
- A. credit side of sales ledger balances
- B. debit side f bought ledger balances
- C. credit side of bought ledger balances
- D. debit side of sales ledger balances
- E. sales ledger balances as contra entry
Which of the following is not charged to Manufacturing Account?
- A. raw materials
- B. factory's wages
- C. Distribution expenses
- D. royalties
A payment of N150 to a credit
- A. an increase in assets only
- B. a reduction of assets only
- C. a reduction in assets and liabilities
- D. an increase in assets and liabilities
- E. a reduction in the bank account
Which of the following are examples of Nominal account?
- A. land and insurance
- B. cash and interest
- C. building and cash
- D. machinery and wages
- E. rent and discount
The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. Bad debts is
- A. N910
- B. N650
- C. N637
- D. N377
- E. N260
The total debtors account of a trading concern is N13,000. Out of this 2 percent is irrecoverable; 5 percent of the balance is unlikely to be collected. What is the provision for doubtful debts?
- A. N910
- B. N650
- C. N637
- D. N377
- E. N260
The person who has applied for shares in a company is called
- A. allotee
- B. subscriber
- C. promoter
- D. shareholder
- E. applicant
Which of the following is no part of prime cost of production?
- A. cost raw materials
- B. carriage on raw materials
- C. direct expenses
- D. direct wages
- E. depreciation of factory equipment
The payee of a cheque is the
- A. drawer's banker
- B. drawee's banker
- C. person naned to receive the amount on the cheque
- D. bank cashier
- E. drawer
Factory wages are always entered into the
- A. sales account
- B. manufacturing account
- C. profit ans loss account
- D. trading account
- E. trading account
which of the following is not an Appropriation account item for a company?
- A. inerest on drawings
- B. proposed dividends
- C. interim dividends
- D. provision for taxation
- E. General reserve
The purpose of a trading account is to ascertain
- A. sales
- B. gross profit or loss
- C. net profit or loss
- D. carriage outwarrds
- E. appropriated profit
Which of the following entries would be made for goods bought and paid for immediately? Debit
- A. cash account, credit sales account
- B. purchases account; credit cash account
- C. cash account; credit purchases account
- D. purchases account; credit sales account
- E. purchases account; credit goods account
The balance sheet is a statement showing
- A. all assets and liabilities
- B. all balances
- C. credit entries of the business
- D. debit entries of the business
- E. caoital and liabilities
A trial balance is
- A. an attempt to balance the accounts
- B. the credit balances of the accounts
- C. list of all balances extracted from the ledger
- D. the debit balances of the accounts
- E. balance sheet balances
Debentures issued at a price above the nominal value are said to be issued
- A. at discount
- B. at premium
- C. at subsidy
- D. on goodwill
- E. at a loss
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. In the year of sale, profit was
- A. reduced by N15,750
- B. increased by N15,750
- C. reduced by N12,000
- D. increased by N2,250
- E. reduced by N2,250
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. The net book value of the equipment at the time sale was
- A. N48,000
- B. N36,000
- C. N36,000
- D. N24,000
- E. N12,000
An equipment costing N60,000 was bought on 1st January 1991. Depreciation was provided at 20 percent annually on straight line method. It was straight line method. it was sold on 30th June 1994 for N15,750. Its accumulated depreciation provision provision at the time of sale was
- A. N48,000
- B. N42,000
- C. N36,000
- D. N24,000
- E. N12,000