Which of the following is not used in solving problems of incomplete records?
- A. control accounts
- B. statement of affairs
- C. cash book
- D. balance sheet
“A business unit is assumed to operate into foreseeable future and earn reasonable net income”. This statement is emphasized by the concept of
- A. business entity
- B. going concern
- C. realization
- D. accrual
Revenue is recognized in the profit and loss account as soon as a
- A. debtor pays what is due from him
- B. sale of goods takes place and money is received
- C. sale of goods takes place whether or not money is received
- D. sales of a fixed asset takes place
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
The excess of income over expenditure for the year was
- A. Le 16,500
- B. Le 11,500
- C. Le 9,500
- D. Le 6,500
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Subscriptions credited to the Income and Expenditure Account was
- A. Le 23,000
- B. Le 18,000
- C. Le 16,000
- D. Le 13,000
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)
Accumulated fund at the beginning of the year was
- A. Le 23,500
- B. Le 18,500
- C. Le 11,500
- D. Le 13,000
Which of the following is not a debit item in a partnership appropriation account?
- A. intereston drawings
- B. partner's salary
- C. interest on partner's capital
- D. share of profit
A customers who returns goods to the supplier because they are detective is issued a
- A. debit note
- B. credit note
- C. delivery note
- D. bank note
The unit which keeps government’s books of accounts is the
- A. central Bank
- B. Internal Audit department
- C. Treasury Department
- D. Accountand General's Department
Bank reconciliation statement reconciles
- A. bank and cash balances in cash book
- B. bank balance in the cash book and bank statement balance
- C. cash balance in the cash book and bank statement balance
- D. bank balance brought down balance brought down and bank balance carried dowm in the cash book
Whatever is fed into the computer is exactly what would be processed and produced as output. This is the concept of
- A. sorting out
- B. last in, first out
- C. first in,first out
- D. garbage in, garbage out
Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & – & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Jaiteh’s share of profit was
- A. D10,440
- B. D9,900
- C. D7,560
- D. D6,600
Use the following information to answer the given question.
\(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & – & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\)
Profit for the year before 5% interest on capital was D18,000. Ebima’s share was
- A. D10,440
- B. D9,900
- C. D7,560
- D. D6,600
Which of the following is not a source of revenue to a government?
- A. taxation
- B. sales of goods
- C. imposition of fines
- D. grants
In company accounts, profit after tax is shared in the
- A. appropriation account
- B. revaluation account
- C. current account
- D. realization account
Cross referencing among different books of accounts is achieved with the use of
- A. columns
- B. reference numbers
- C. folio
- D. margin
A customers who returns goods to the supplier because they are detective is issued a
- A. debit note
- B. credit note
- C. delivery note
- D. bank note
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
The dividend per ordinary shares for the year is
- A. ₦0.88 kobo
- B. ₦0.40 kobo
- C. ₦0.20 kobo
- D. ₦0.17 kobo
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
The dividend per ordinary shares for the year is
- A. ₦0.88 kobo
- B. ₦0.40 kobo
- C. ₦0.20 kobo
- D. ₦0.17 kobo
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\)
If no profit is to be retained, proposed preference shares dividend is
- A. ₦28,000
- B. ₦16,000
- C. ₦12,000
- D. ₦4,000
Which of the following is not a revenue account?
- A. sales
- B. purchases
- C. discount received
- D. interest received