Which of the following belongs to the sales ledger?
- A. Motor Van Disposal account
- B. Bank Account
- C. Debtors Account
- D. Rent and Rates Account
A suspense account is used to
- A. record sales
- B. agree the trial balance
- C. record purchases
- D. prepare the balance sheet
Subscriptions in arrears is treated in the balance sheet of a club as
- A. current liability
- B. intangible assets
- C. fictitious asset
- D. current asset
“Accountants do not count chickens before they are climbed”. This is the concept of
- A. accrual
- B. materiality
- C. realisation
- D. going-concern
The total amount of money set aside for a particular purpose by government is
- A. fund
- B. vote
- C. virement
- D. budget
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. The amount carried in the Balance sheet is classified as
- A. current asset
- B. current liability
- C. capital
- D. long-term liability
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is carried in the Balance Sheet at 31st December, 2000?
- A. N45,000
- B. N12,000
- C. N9,000
- D. N4,500
Depreciation is
- A. cost of repairs incurred on a fixed asset
- B. a charge for the wear and tear of fixed assets
- C. the cost incurred on replacing a fixed asset
- D. provision for loss of fixed asset
A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is charged to profit and loss account for the year 2000?
- A. N45,000
- B. N42,000
- C. N36,000
- D. N33,000
Which of the following is not an input device?
- A. diskette
- B. card
- C. keyboard
- D. printer
Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers’ Account
- A. i and ii
- B. ii and iii
- C. i and iii
- D. i,ii and iii
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Baba’s Current Account balance on 31st December, 2000 is
- A. N35,500
- B. N25,000
- C. N21,000
- D. N20,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. Tunde’s Current Account balance on 31st December, 200 is
- A. N30,000
- B. N25,500
- C. N25,000
- D. N10,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The shares of profit of each partner is
- A. N20,000
- B. N10,500
- C. N5,000
- D. N4,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 January, 2000} & 40,000 & 50,000\\ \text{Current Accounts 1 January, 2000} & 20,000Cr & 15,000Cr \\ \text{Drawings during the year} & 4,000 & 15,000\\ Salaries & 5,000 & 5,000\end{array}\)
Interest on capital is 10%, the net profit for the year is N40,000. The interest on Tunde’s capital is
- A. N10,000
- B. N5,000
- C. N4,000
- D. N1,500
Partner’s interest on capital is shown in the
- A. profit and loss account
- B. partners Fixed Capital account
- C. profit and loss Appropriation
- D. trading account
A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of
- A. accrual
- B. materiality
- C. prudence
- D. going-concern
A deduction from the sales price of goods that is allowed if payment is made within a specified period of time
- A. trade discount
- B. cash discount
- C. quantity discount
- D. rebate
Partner’s interest on capital is shown in the
- A. profit and loss Account
- B. oartners fixed capital account
- C. profit and loss appropriation account
- D. trading account
A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of
- A. accrual
- B. materiality
- C. prudence
- D. going-corncern
The price paid for the purchase of a business is
- A. credited to cash accounted to cash account and debited to vendor's account
- B. debited to cash account and credited to Vendor's Account
- C. debited to business purchase Account and credited to Asset Account
- D. credited to cash Account and debited to Asset Account