In a period of declining price, which of the following methods would result in higher profit?
- A. FIFO
- B. Simple average
- C. LIFO
- D. Weighted average
The type of expense charged against administration of a firm is the?
- A. repairs on building
- B. interesr paid on loan
- C. discount allowed
- D. tax expense
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?
- A. iii and v
- B. ii and i
- C. iv and v
- D. i and iv
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?
- A. iii and v
- B. ii and iii
- C. iv and v
- D. i and ii
In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?
- A. balance as per bank statement
- B. bank balance as per adjusted cash book
- C. aggregate balance as per cash book
- D. bank balance as per cash book
The process of reconciling cheques between banks is termed cheque?
- A. clearing
- B. truncation
- C. holding
- D. confirmation
In bank reconciliation process, discrepancies cause by timing arises as a result of?
- A. cash book bank statement
- B. bank statement only
- C. cash book, bank statement and other incidental records
- D. cash book only
Use the information below to answer question .
Adamu Stores bought accessories from Mu’azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Calculate the cash discount?
- A. N60
- B. N90
- C. N40
- D. N100
Use the information below to answer question .
Adamu Stores bought accessories from Mu’azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Find the total amount paid?
- A. N260
- B. N300
- C. N200
- D. N380
The medium of correcting errors whose differences are shown in the trial balance is by the use of?
- A. debtors' account
- B. creditor's account
- C. suspense account
- D. ledger account
The major feature of a journal is that it has?
- A. six columns, date, particulars, folio, amount, debit and credit
- B. five columns, date particulars, folio, debit and credit
- C. three columns, date particulars and folio
- D. four columns, date particulars, folio and amount
Given:
Light expenses……………….N400
Purchases……………………N3,000
Sales……………………….N1,200
Creditors……………………N2,250
Debtors……………………..N50
Calculate the total of the trial balance?
- A. N4,250
- B. N3,500
- C. N4,300
- D. N3,450
i) Deducted the smaller side figure from the bigger side figure .
ii) Add up both side
iii)Take the difference to the smaller and add to the smaller figure
The correct procedure for balancing account is?
- A. ii, i and iii
- B. i, iii and ii
- C. ii, iii and i
- D. i, ii and iii
The principle of double entry system ensures?
- A. mathematical accuracy in trial balance
- B. balances at the bank
- C. increase in the assets and liabilities
- D. balance of cash account
In a trial balance, income and liabilities are?
- A. debited and credited respectively
- B. credited
- C. credited and debited respectively
- D. debited
The historical development of accounting reveals that it?
- A. deals with debit and credit of items
- B. is a product of financial development
- C. is a product of its own evironmnent
- D. is an ideal subject for finacial development
As evidence of payments to a government ministry, the revenue collectors will issue?
- A. treasury receipt
- B. receipts vourcher card
- C. treasury card
- D. stores receipts vourcher
An increase in government expenditure within a year is taken care of by means of?
- A. financial regulations
- B. virement
- C. warrant
- D. supplementary estimate
An ordinary share of N80 was issued at N96. The share was issued at?
- A. premium
- B. par
- C. discount
- D. loss
The financial plan of the government for a year is contained in the?
- A. budget
- B. cash analysis book
- C. vote book
- D. gazette
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800.
A provision of 2% was made for discount and 5% provision for bad and doubtful debts.
Find the amount for sundry debtors after provision?
- A. N760 000
- B. N744800
- C. N744 000
- D. N784 000