Apart from the common control accounts, a control account can also be opened for?
- A. sales account
- B. purchases account
- C. cash account
- D. wages account
Which of the following methods gives a conservative closing stock value during a period of rising prices?
- A. LIFO
- B. FIFO
- C. Simple average
- D. Periodic simple average
Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
What is the value of closing stock using simple average?
- A. N11,500
- B. N17,000
- C. N16,500
- D. N28,500
Use the information below to answer questions
Jan. 1 Received 1,000 units at N10 each
Jan. 2 Received 2,000 units at N12 each
Jan. 3 Issued 1,500 units
Jan. 4 Received 1,000 units at N11 each
Jan. 5 Issued 1,000 units
Using FIFO method, what is the value of the closing stock?
- A. N34,000
- B. N29,000
- C. N17,000
- D. N12,000
Which of the following items are current assets?
- A. Stock, bills receivable, cash and debtors
- B. Stock, bill payable, cash and debtors
- C. Stock, bad debt, bills receivable and cash
- D. Stock, work-in-progress, cash and bills payable
Use the information below to answer questions
Total current assets………………N2,000
Total fixed assets………………..N4,000
Current liabilities……………….N1,200
Drawings…………………………N200
Long-term loan……………………N2,000
What is the net working capital?
- A. N2,600
- B. N1,800
- C. N800
- D. N600
Use the information below to answer questions
Total current assets………………N2,000
Total fixed assets………………..N4,000
Current liabilities……………….N1,200
Drawings…………………………N200
Long-term loan……………………N2,000
Determine the capital of the business?
- A. N9,400
- B. N6,000
- C. N3,400
- D. N3,000
Given:
Balance as per cash book……………….N20,000
Unpresented cheques……………………N5, 200
Direct credit to the bank………………N1, 000
Direct debit from the bank……………..N1, 000
Credit in the cash book………………..N500
Calculate the balance as per bank statement at the end of the year?
- A. N24,700
- B. N25,200
- C. N26,200
- D. N27,700
Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?
- A. Error by the bank
- B. Undercasting of the cash book
- C. Overcasting of the cash book
- D. Bank service charges
The standing order is a payment instruction given by a?
- A. customer to the bank
- B. bank to the customer
- C. bank to an employee
- D. customer to a fellow customer
Cash discount is often recorded on?
- A. the debit side of the cash book
- B. the credit side of the cash book
- C. the folio column of the cash book
- D. both credit and debit side of the cash book
| Period 1 | N |
| Cash to petty cashier | 1000 |
| Petty cashier pays out | 780 |
| Period 2 | |
| Petty cashier pays out | 840 |
What is the balance of cash with the petty cashier at the end of period 1?
- A. 220
- B. 780
- C. 980
- D. 1780
Use the information above to answer question
Period 1:
……..Cash to petty cashier………….N1000
……..Petty cashier pays out…………N780
Period 2:
……..Petty cashier pays out…………N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?
- A. 160
- B. 840
- C. 1000
- D. 1040
Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
Find the fixed assets?
- A. i, ii and v
- B. i, ii and iv
- C. i, ii and iii
- D. iii, iv and v
Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?
- A. i and ii
- B. iv and v
- C. iii and v
- D. ii and iv
If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?
- A. increase in assets and increase in capital
- B. increase in liabilities and decrease in capital
- C. decrease in capital and increase in assets
- D. decrease in capital and decrease in assets
Given:
Capital………………………….N2375 000
Debtors………………………….N495 000
Motor vehicle…………………….N870 000
Creditors………………………..N245 000
Prepayment……………………….N500 000
Bills receivable………………….N505 000
Furniture………………………..N150 000
What is the total debit for the trial balance?
- A. N4 690 000
- B. N2 620 000
- C. N2 520 000
- D. N1 565 000
Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?
- A. telephone N3,500 credit XYZ and KLM, N3,500
- B. telephone N3,500, credit cash N3,500
- C. sundries N3,500, credit KLM N3,500
- D. sundries N3,500, credit telephone N3,500
The process of bookkeeping includes records produced from?
- A. ledgers
- B. source documents
- C. minutes of meeting
- D. intuitive reasoning
The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?
- A. accruals
- B. materiality
- C. objectivity
- D. periodicity
Which of the following branches of accounting was first developed?
- A. Cost accounting
- B. Financial acounting
- C. Management accounting
- D. Petroleum accounting