Which of the following cannot be realized?
- A. debtors
- B. creditors
- C. fixtures
- D. goodwill
- E. motor vehicles
Provision for discount on debtor on debtors is to be
- A. debited to profit and loss account
- B. creit to profit and loss discount
- C. debit to debtors account
- D. debited to provision for bad debts account
Payment for shares in excess of amount demanded gives rise to
- A. dividend warrant
- B. revenue reserve
- C. capital reserve
- D. call-in-advance
- E. call-in-arrears
Goods worth N800 was stolen. The double entries are, debit,
- A. purchases account, credut trading account
- B. trading account, credit purchases account
- C. profit and loss account, credit purchases account
- D. profit and loss account, credit purchases account
- E. capital account, credit purchasses account
When a fixed asset is fully depreciated, its net book value is
- A. equal to its original cost
- B. twice its original cost
- C. equal to its current market value
- D. the difference between its cost and market value
- E. equal to zero
To realize an asset means to
- A. close its account in the ledger
- B. give it out as a collateral
- C. turn it to cash
- D. open its account in the ledger
- E. mortage it
Uche returned goods worth N1,500 to Udo. Uche should receive
- A. an invoice
- B. a statement of account
- C. a debit note
- D. a credit note
- E. goods received note
Which of the following is/are true? i. depreciation charges increase profits ii. reduction in provision for bad debt increases profit iii. undervalued stock increases profits
- A. ii and iii
- B. i and iii
- C. iii
- D. ii
- E. i
Accounts payable is
- A. an accrual
- B. a provisin
- C. a current liability
- D. a long-term liability
- E. a current asset
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of total fixed assets is
- A. N119,500
- B. N90,000
- C. N80,000
- D. N79,200
- E. N68,300
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The opening capital is
- A. N52,2000
- B. N51,200
- C. N48,300
- D. N39,500
- E. N28,000
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current liabilities is
- A. N56,5000
- B. N40,300
- C. N39,500
- D. N28,000
- E. N22,000
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of current assets is
- A. N68,300
- B. N57,000
- C. N40,300
- D. N39,500
- E. N34,000
Which of the following has a debit balance? i. calls-in-arrears ii. cash-in-advance iii. share discount
- A. i
- B. ii
- C. iii
- D. ii and iii
Which of the following is the personal ledger?
- A. assets account
- B. discount allowed account
- C. sales account
- D. discount received account
- E. debtors account
Partners salary is shown in the
- A. trading account
- B. profit and loss account
- C. income and expenditure
- D. profit and loss appropriation account
- E. partner's capital account
Which of the following is not a Nominal Account?
- A. electricity account
- B. furnitures and fittings account
- C. postages and telephone account
- D. insurance account
- E. discount allowed account
A balance sheet is prepared
- A. for the year ended...........19 x 1
- B. for............19 x 1
- C. as to.............19 x 1
- D. in the year..............19 x 1
- E. up to...........19 x 1
Which of the following is n asset?
- A. bad debt provision
- B. rent in arrears
- C. sales
- D. accrued wages
- E. insurance prepaid
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The stock turnover is
- A. 4.0 times
- B. 3.6 times
- C. 3.3 times
- D. 2.0 times
- E. 1.8 times
Use the following information to answer the given questions
\(\begin{array}{c|c} & N \\ \hline Debtors & 30,000 \\ Creditor & 20,000 \\ \text{Opening stock} & 15,000 \\ \text{Closing stock} & 18,000\\ Wages & 3,000 \\ Salaries & 10,000 \\ Purchases & 30,000 \\ Sales & 60,000\end{array}\)
The working capital is
- A. 48,000
- B. N33,000
- C. N28,000
- D. N25,000
- E. N10,000