In a partnership business, the net profit serves as opening figure for
- A. trading account
- B. profit and loss accoun
- C. current account
- D. appropriation account
Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
- A. business entity
- B. realization
- C. going concern
- D. sual-aspect
An analytical cash book is used to
- A. indicate source of cash received
- B. categorise petty cash payment
- C. separate cash and bank balance
- D. analyse amounts due from debtors
A sales Day book is used for recording
- A. credit sales
- B. sales returns
- C. hire purchase
- D. cash sales
Which of the following is the basis accounting equation?
- A. assets = capital + liabilities
- B. capital = assets + liabilities
- C. liabilities = assets + capital
- D. assets = liabilities + equity
A stock as a form of capital of a company comprises
- A. tons of merchandise
- B. units of goods
- C. units of shares
- D. bundles of wares
A debenture holder is a
- A. creditor
- B. promoter
- C. debtor
- D. shareholder
Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, Abu’s balance at the end of the month is
- A. ₦30,505 cr.
- B. ₦9,505 cr.
- C. ₦9,505 dr.
- D. ₦30,500 dr.
Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, In Dania’s books, to record the payment of ₦30,505 cr.40,005 by Abu
- A. debit cash account, credit Abu's account
- B. debit Abu's account, credit cash account
- C. debit cash account, credit sales account
- D. debit sales account, credit cash account,
Which of the following is debited to partner’s current account?
- A. capital
- B. interest on capital
- C. drawings
- D. share of profit
A medium of imputing data into the computer is through the use of the
- A. keyboard
- B. monitor
- C. software
- D. hardware
Which of the following is a self-balancing account?
- A. capital
- B. interst on capital
- C. drawings
- D. share of profit
Hardware in data processing refers to
- A. programs runs on the computer
- B. entry and storage of information on computer
- C. microsoft disc operating system
- D. mechanical components of the computer
As evidence of payment to a government treasury, revenue collectors issue
- A. treasury card
- B. receipt voucher card
- C. treasury receipt
- D. payment voucher
The depreciation on plant acquired by a manufacturing company is treated as
- A. prime cost
- B. administrative expenses
- C. factory overhead
- D. selling and distribution expenses
Use the following information to answer the given question
\(\begin{array}{c|c} & Dr & Dr & \text{Balance}\\ \hline & ₦ & ₦ & ₦ \\ \text{2/1/06 Balance b/d} & & & 2,000 \\ \text{3/1/06 ‘23456’} & 500 & & 1,500\\ \text{4/1/06 Deposit} & & 1,000 & 2,500\\ \text{5/1/06 Deposit} & & 1500 & 4,000\\ \text{6/1/06 ‘23457’} & 3,000 & & 1,000\end{array}\)
Total withdrawal is
- A. ₦3,500
- B. ₦2,500
- C. ₦2,000
- D. ₦1,000
The authority of the Accountant-General to disburse from government fund is
- A. provision
- B. warrant
- C. vote
- D. estimate
Which of the following is found in a Sales Ledger Account?
- A. credit purchases
- B. bill payable
- C. discount received
- D. discount allowed
Prepayment is treated in the balance sheet of firm as a
- A. fixed asset
- B. long-term liability
- C. current asset
- D. current liability
Which of the following are Personal Accounts? i. wages ii. debtors ii. creditors iv. buildings
- A. i,ii and iii only
- B. ii and iii only
- C. ii and iv only
- D. iii and iv only
An article cost N1,800 and is sold at a gross profit of 20% on selling price. What is the selling price?
- A. ₦2,250
- B. ₦2,160
- C. ₦1,800
- D. ₦1,440