Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?
- A. capitalization
- B. depreciation
- C. depletion
- D. amortization
Use the following information to answer the question
\(\begin{array}{c|c} \text{Unpresented cheques} & N85,305 \\ \text{Balance as per bank statement} & N206,865 \\ \text{Balance as per cash book} & N144,495\end{array}\)
Uncredited cheques amount to
- A. N229,800
- B. N121,560
- C. N85,305
- D. N22,935
Use the following information to answer the question
\(\begin{array}{c|c} \text{prepared} & \text{1/01/2003} & N600.00\\ \text{Rent paid} & \text{31/12/2003} & N3,000.00\\ \text{Rent prepaid} & \text{31/12/2003} & N400.00\end{array}\)
Rent for 2013 amounted to
- A. N4,000
- B. N3,200
- C. N3,000
- D. N2,800
The total of the purchases day book is posted to the purchases account in the
- A. general ledger
- B. purchases journal
- C. private ledger
- D. purchases ledger
Which of the following items is not shown in the Trial Balance
- A. closng stock value
- B. opening stock balance
- C. opening dentors balance
- D. closing asset value
Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in
- A. suspense Account
- B. trading account
- C. control account
- D. profit and loss account
Which of the following is not a source document?
- A. credit note
- B. invoice
- C. debit note
- D. bank note
Rent receivable account is an example of
- A. nnorminal account
- B. real account
- C. personal account
- D. private account
Which of the following is both a subsidiary book and a ledger?
- A. sales journal
- B. purchases journal
- C. returns inward book
- D. cash book
Which of the following is used to record the purchase of fixed asset on credit?
- A. sales journal
- B. journal proper
- C. purchases journal
- D. cash book
The principle entry book-keeping states that every
- A. every debit entry must have a corresponding credit entry
- B. debtor must have a creditor
- C. double debit must must have a double credit entry
- D. account debited should also be credited
The sales day Book is used to record
- A. cash and credit sales
- B. credit sales
- C. cash sales
- D. sales to middleman