When a shareholder fails to pay the calls requested from him, this situation leads to
- A. forfeiture of shares
- B. bonus shares
- C. over-subscription
- D. right issues
Which of the following is nit a petty cash book item? purchase of
- A. machinery
- B. stamps
- C. office pins
- D. milk
Into how many major types can general purpose computers be classified?
- A. six
- B. five
- C. four
- D. three
A sale of goods to audu was not posted. This is an error of
- A. omission
- B. compensation
- C. commission
- D. principle
Creditors at start was N4,650 and at close N2,480, cash paid to suppliers during the year amounted to N12,000. Credit purchases for the year is valued at
- A. N14,480
- B. N12,000
- C. N9,830
- D. N7,130
The total share capital which a company would be allowed to issue is known as
- A. issued share capital
- B. authorised share capital
- C. working capital
- D. fixed capital
Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The unissued capital of the company is
- A. N310,000
- B. N300,000
- C. N210,000
- D. N100,000
Umana Ltd. issued 200,000 shares at N1 each out of its Authorized Share capital of N300,000 at N1 each. At the end of the first call, all shareholders paid in full, except for one shareholder who owes N10,000. The company’s paid-up capital is
- A. N310,000
- B. N290,000
- C. N210,000
- D. N190,000
The authority of the Accountant General to disburse from government fund is called
- A. estimate
- B. warrant
- C. provision
- D. vote
Purchases of goods from Obi had been entered in Obike’s Account. This is an error of
- A. omssion
- B. compensation
- C. commission
- D. original entry
One mega byte is equal to
- A. 8 bytes
- B. 1 millin bytes
- C. 10 million bytes
- D. 1 billion bytes
A bond acknowledging a loan to a company under the company’s seal, bearing a fixed rate of interest is known as
- A. certificate
- B. agreement
- C. bank loan
- D. debenture
Recurrent expenditure of government is paid from
- A. contingenecies fund
- B. reserve fund
- C. development fund
- D. consilidated fund
Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?
- A. N1,000
- B. N960
- C. N933
- D. N820
A balance sheet is a
- A. form of trading account
- B. proof of arithmetical accuracy of postings
- C. statement showing profits at a certain date
- D. statement showing assets and liabilities at a cretain date
Which of the following entries is made damaged goods are returned to the supplier?
- A. supplier's account is debited and the purchasers account credited
- B. returns outwards account is debited and the supplier's account credited
- C. purchaser's Account is debited and the supplier's account credited
- D. supplier's account is debited and the returns Outwards Account creddited
A trial Balance is the
- A. narration of all transactions and accounts
- B. debit balances of the accounts
- C. list of all balances extracted from the ledger
- D. list of all credit balances in the ledger
The purpose of the trading account is to ascertain
- A. carriage outwards
- B. gross profit
- C. distribution expenses
- D. net profit
A suspense Account is used to
- A. recoed difference in the books until errors are located
- B. accumulate debit and credit balances
- C. accomodate debit balances of profit statements
- D. record accounts of the general ledger
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the quick ratio?
- A. 4 : 1
- B. 3 : 1
- C. 2 : 1
- D. 1 : 1
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
The equity capital is
- A. N203,000
- B. N180,000
- C. N140,000
- D. N88,000