A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a
- A. original entry
- B. contract entry
- C. prime entry
- D. contra entry
The main purpose of transaction file is?
- A. to record assets and liabilities
- B. to update income and expenses
- C. to make organization decision
- D. to update master files
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
- A. appropriation account
- B. profit and loss account
- C. balance sheet
- D. trading account
An evidence of payment issued to a government ministry by a revenue collector is
- A. treasury card
- B. payment voucher
- C. treasury receipt
- D. receipt voucher
Which of these is not method of stock valuation?
- A. FIFO method
- B. Base method
- C. Standard method
- D. LIFO method
|
₦ |
|
|
Plant and Machinery |
190000 |
|
Motor Vehicle |
170000 |
| Stock | 60000 |
|
Current Liabilities |
50000 |
|
Purchase consideration |
40000 |
The goodwill is?
- A. ₦110,000
- B. ₦30,000
- C. ₦90,000
- D. ₦80,000
One of the options below have the same features as the profit and loss account in non-profit organization
- A. non profit account
- B. profit and loss account
- C. income and expenditure account
- D. receipts and payment account
Capital for a profit making organization is generated through
- A. gift
- B. donation
- C. shares
- D. subscription
Salaries in arrears is treated in the balance sheet as a
- A. current asset
- B. current liability
- C. long term liability
- D. fixed asset
Which of these is not a subsidiary books?
- A. sales day book
- B. purchase day book
- C. credit note
- D. return inward day book
The effect of transaction when cash is paid into the bank is?
- A. bank balance decrease and cash balance increase
- B. cash balance decrease and bank balance increase
- C. bank balance decrease and cash balance decrease
- D. cash balance increase and bank balance increase
Which of the following is used to service all operations of government?
- A. general reserve fund
- B. consolidated revenue fund
- C. special operational fund
- D. consolidated reserve fund
Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cash book
The features of receipts and payment account includes:
- A. III and IV
- B. I, II and IV
- C. II, III and IV
- D. I, II and III
Given:
I. Cash refunds
II. Debit note issued
III. Dishnoured cheque
IV. Purchases
The item on the credit side of purchase ledger control account includes
- A. I, II and IV only
- B. I and IV only
- C. I and II only
- D. I, II and III only
Changes in the profit sharing ratio may occur as a result of
I. skill contributed by partners
II. health status
III. old age
IV. Intangible asset increase
- A. I, III and IV
- B. I and III
- C. I, II and III
- D. I, II and IV
When goods are received from head office, head office will be credited while
- A. sales will be debited
- B. requisition will be debited
- C. issue will be debited
- D. purchases will be debited
|
₦ |
|
|
Balance as per cash book |
5467 |
|
Uncredited cheques |
4410 |
|
Unpresented cheques |
19404 |
The balance as per bank statement is
- A. ₦20,461
- B. ₦21,091
- C. ₦21,109
- D. ₦19,021
Subscription in advance is treated in the balance sheet as a
- A. fixed asset
- B. long term liability
- C. current asset
- D. current liability
| # | |
|
Stock Jan 1 |
2600 |
| Purchases | 4000 |
| Carriage inwards | 500 |
| Sales | 9000 |
| Carriage outwards | 500 |
Determine the net profit
- A. #4,000
- B. #4,500
- C. #5,000
- D. #1,400
Which of these is the main source document for recording cash paid into bank?
- A. invoice
- B. credit note
- C. cheque book
- D. pay-in-slip
One of the options below is not the source of income for non – profit organization
- A. ordinary shares
- B. donations
- C. subscription/dues
- D. entrance fees