The document which authorizes the Minister of Finance to release fund for government expenditure is
- A. a warrant
- B. a bank cheque
- C. an order
- D. a vote book
A reserve is an amount
- A. to be paid to creditors
- B. set out of profit for future use
- C. for paying dividends
- D. recovered from debts earlier written off
Which of the following is used in locating errors in the ledger?
- A. trading account
- B. trial balance
- C. control account
- D. journal proper
The capital of not-for profit making organization is
- A. capital reserve fund
- B. accumulated fund
- C. endowment fund
- D. development fund
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net sales is
- A. N15,000
- B. N14,750
- C. N14,600
- D. N14,450
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net profit is
- A. N9,100
- B. N7,850
- C. N7,750
- D. N6,500
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Gross profit is
- A. N10,350
- B. N10,200
- C. n9,500
- D. N9,100
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
The cost of goods sold is
- A. N5,350
- B. N5,150
- C. N4,500
- D. N4,250
a list of all credit and debit balance from the ledger accounts is
- A. trial balance
- B. profit and loss statement
- C. statement of affairs
- D. balance sheet
Which of the following accounts has a debit balance?
- A. capital reserve
- B. revenue reserve
- C. share premium
- D. share discount
How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?
- A. N1,250
- B. N1,200
- C. N1,000
- D. N250
Bills receivable is a
- A. current liability
- B. current asset
- C. long-term liability
- D. fictitious asset
The double entry for increasing provision for bad debt is debit
- A. debtor's account, credit provision for bad debt account
- B. profit and loss account, credit debtor's account
- C. debtor's account, credit profit and loss acount
- D. profit and loss account, credit provision for bad debt account
Which of the following is not an example of input device?
- A. card reader
- B. keyboard
- C. visual display unit
- D. central processing unit
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. If the vehicle is sold for N6,000 at the end of third year, what is the profit or loss on sale?
- A. N1,000 profit
- B. N500 profit
- C. N500 loss
- D. N1,000 loss
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. Using the straight line method, what is the amount of depreciation charged per annum?
- A. N9,000
- B. N5,500
- C. N4,000
- D. N3,500
A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?
- A. N9,000
- B. N5,500
- C. N3,500
- D. N2,000
An account is said to have a debit balance because
- A. the first entry made in it is on its debit side
- B. there aer more entries on the debit side than on the credit side
- C. total value of debit entries is more than total value of credit entries
- D. there is no entry at all on the dbit side
The accounting entry for depreciation at the end of each year is to debit
- A. provision for depreciation account and credit machinery account
- B. provision for depreciation account and credit profit and loss account
- C. trading account abd credit provision for depresiation account
- D. manufacturing account and credit provision for depreciation account
The vote book in Public Sector Accounting is used to
- A. register the names of voters
- B. control expenditure
- C. control government policy
- D. record revenue accuring to the government
use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)
What is the prime cos?
- A. N19,000
- B. N18,000
- C. N17,500
- D. N17,000