Which of the following date lines is correct for a profit and loss account?
- A. for the year ended 31st December 2009
- B. as 31st December 2009
- C. for the period 31st December 2009
- D. as at the year 2009
Provision for depreciation on delivery van is charged to
- A. trading account
- B. profit and loss account
- C. appropriation account
- D. manufacturing account
The concept which states that assets are not to be recorded at their current market value is
- A. money measuremen
- B. materiality
- C. cost
- D. entity
Which of the following is not used in Public accounting?
- A. cash book
- B. trial balance
- C. profit and loss account
- D. bank reconciliation statement
The business entity concept
- A. seperates the owner's transactions from the business transactions
- B. records transactions outside the business
- C. does not seperate the owner's trasactions from the business transactions
- D. involves other business transactions
The bank statement shows a debit balance of Le 475. After the entry of an uncredited of Le Le 800, the new balance is
- A. Le 325 overdraft
- B. Le 325
- C. Le 1,275
- D. Le 1,275 overdraft
The process of recording financial transactions of government is
- A. management accounting
- B. financial accounting
- C. cost accounting
- D. public sector accounting
Use the following information to answer the given question.
OGOGO’S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
the total cash received from customer is
- A. D68,942
- B. D60,000
- C. D43,220
- D. D41,336
Use the following information to answer the given question.
OGOGO’S SALES LEDGER LEDGER CONTROL ACCOUNT
\(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\)
Net sales is
- A. D41,878
- B. D41,336
- C. D41,284
- D. d39,400
The diagrammatic representation of the workings of the computer program is
- A. flow chart
- B. desktop
- C. keyboard
- D. byte
When shares are issued to the public and the issuing company has not requested for payments, it is referred to as
- A. authorized capital
- B. paid-up capital
- C. uncalled capital
- D. unissued capatal
Rent owed by a department is treated in the Balance sheet as
- A. asset of the business
- B. asset of the department
- C. liability of the business
- D. liability of the department
computer memory sizes are measured in
- A. kilometers
- B. kilowatts
- C. kilobytes
- D. centimetres
Goods sent to branch are recorded in the head office’s books at i. selling price ii. cost price plus makeup percentage iii. cost price
- A. i and ii
- B. i and iii
- C. ii and iii
- D. i, ii and iii
Which of the following is not an example of capital reserve?
- A. share premium
- B. retained profits
- C. surplus on revaluation of assets
- D. pre-incorporation profits
The concept which deals with the exclusion of trivial items in the accounting records is
- A. constitency
- B. going concern
- C. materiality
- D. money measurement
A debenture is
- A. a loan capital raised by a company
- B. money gives to a company as a gift
- C. accuerd expenses
- D. share capital
Which of the following is not a purpose for which share premium may be utilized?
- A. issuing fully oaid bonus share
- B. writing off preliminary expenses
- C. settling salesman commission
- D. providing for redeemable preference shares
The first calculating machine in data processing was
- A. abacus
- B. pascal
- C. punched cards
- D. digital
The going concern concept assumes that
- A. every transaction is represented by a debit and credit entry
- B. the currency much not change
- C. the firm is a legal entity
- D. the business will continue to operate indefinitely
Use the following information to answer the given question.
\(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\)
Net sales for the period is
- A. ₦20.000
- B. ₦20,8000
- C. ₦19,200
- D. ₦10,000