A debit entry in the cash account and a corresponding credit in Alieu’s account indicate a
- A. receipt of cash from alieu
- B. payment of cash to Alieu
- C. sale of goods to Alieu for cash
- D. purchases of goods from alieu for cash
Adobaw extracted a trial balance on 31st December 2005 and realized that the total of debit balance exceeded the total of credit balance. Pending investigation the difference should be
- A. debited to suspense account
- B. credited to suspense account
- C. debited to assets accounts
- D. credited to asset account
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Sales for the year was
- A. ₦11,430
- B. ₦11,295
- C. ₦11,130
- D. ₦10,965
Which of the following statements is not true?
- A. a trial balance is an account having debit and credit sides
- B. expenses, losses and assets have debit balances
- C. revenues, gains and liabilities have credit balances
- D. a trial balance is a list of balances extracted from ledger accounts
Financial accounting information is for
- A. internal use only
- B. external use only
- C. business use only
- D. internal and external use
Which of the following is not shown in the trial balance?
- A. opening stock
- B. closing stock
- C. discounts allowed
- D. discounts received
An example of direct expenses is
- A. insurance
- B. carriage inwards
- C. purchases of raw materials
- D. royalty
Factory costs excluding prime cost is
- A. overhead
- B. material cost
- C. fixed cost
- D. administration cost
The manufacturing account is prepared to determine the cost of
- A. trading
- B. production
- C. factory overhead
- D. raw materials