Suppliers personal accounts are found in the
- A. purchases ledger
- B. sales account
- C. purchases account
- D. sales ledger
In which ledger is the control account prepared?
- A. Nominal ledger
- B. general ledger
- C. sales ledger
- D. purchases account
A subsidiary record is a book
- A. of ordinary entry
- B. containing the ledgers
- C. found in the journal
- D. containing the balance sheet
Which of the following is a fictitious asset?
- A. overdraftt
- B. cash in hand
- C. reserves
- D. preliminary expenses
Which of the following explains the short term solvency of a company?
- A. acid test ratio
- B. debtor to equity ratio
- C. net profit margin ratio
- D. gross profit margin ratio
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be reimbursed at the end of the month is
- A. N4,000
- B. N3,728
- C. N3,483
- D. N1,842
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount soent on stationery is
- A. N765
- B. N585
- C. N538
- D. N437
Use the following information to answer the given question,
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being N4,000. The following transactions took place for a particular month:
\(\begin{array}{c|c} & & & N \\ \hline Dec. & 1 & \text{petty cash in hand} & 517 \\ & 1 & \text{petty cash to imprest amount} & 3,483 \\ & 6 & \text{Bought notebooks} & 328\\ & 7 & \text{Paid wages} & 914\\ & 14 & \text{Bought postage stamps} & 375 \\ & 16 & \text{Paid to J. Thomas, a creditor} & 536 \\ & 21 & \text{Paid wages} & 928 \\ & 23 & \text{Bought envelopes} & 437 \\ & 27 & \text{Bought postage stamps} & 210\end{array}\)
Amount to be posted to the personal ledger is
- A. N765
- B. N585
- C. N536
- D. N517
Prime cost consist of
- A. direct material and direct labour cost
- B. direct material, direct labour and direct expenses
- C. direct material, direct labour, direct expenses overhead
- D. direct material and direct expenses
Which of the following is not an example of a fictitious asset?
- A. Raw materials stock
- B. debit balance of profit and loss account
- C. preliminary expenses f a limited company
- D. expenditure on incorporation carried forward
Which of the following has a debit balance at the end of the year?
- A. rates prepaid account
- B. bank loan account
- C. income received in advance account
- D. ordinary share capital account
The amount by which assets exceed specific liabilities is called
- A. reserve
- B. provision
- C. premium
- D. bonus
The income accruing to debenture holders is called
- A. dividend
- B. net profit
- C. shares
- D. interest