Use the information below to answer questions
Zazzau Company:
Cash in hand…………….N50
Cash in bank…………….N1 250
Stock…………………..N4 880
Furniture……………….N9 60
Building………………..N5 500
Debtor………………….N1 750
Creditors……………….N2 150
Drawings of N125 were made by the shareholders of the company.
The capital of the company stands at?
- A. N12 240
- B. N12 115
- C. N2 510
- D. N2 150
If the assets and liabilities of a firm were valued at N17,200 and N5,120 respectively, the capital of the firm would be?
- A. N22 320
- B. N17 200
- C. N12 080
- D. 5 120
Which of the following item is found on the credit side of the sales ledger control account?
- A. Discount received
- B. Dishonoured cheques
- C. Credit sals
- D. Bills receivable
Given:
purchases ledger balance…………..N4000
purchases for the period…………..N50000
Cash refunded by suppliers…………N290
Cheques paid to suppliers…………..N42300
Returns outwards…………………..N2000
Discount received from suppliers…….N400
The balance of the purchases ledger control account is?
- A. N10390
- B. N9990
- C. N9590
- D. N9010
The item that are contained in the bought ledger control account are?
- A. discount allowed, bad debts and purchases
- B. dishonoured cheques, returns inwards and sales
- C. returns outwards, bad debts outewards and sales
- D. discount received, returns outwards and purchases
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The net book value of the piece of equipment at the time of sale was?
- A. N96 000
- B. N48 000
- C. N36 000
- D. N24 000
Use the information to answer question .
A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.
The accumulated depreciation provision at the time of sale was?
- A. N12 000
- B. N60 000
- C. N72 000
- D. N84 000
Goods withdraw from business for private use are credited to?
- A. drawings
- B. purchases
- C. sales
- D. capital
Given:
………………………….Jan.2003………Dec. 2003
Provision for bad debt……..N1000
Debtors……………………………………N20000
Bad debt to be written off…………………..N2000
The provision for bad debt stands at 10% of debtors. How much is to be charged to profit and loss account as provision for bad debt?
- A. N800
- B. N1000
- C. N1800
- D. N2000
In a three-column cash book,the discount allowed is shown on the?
- A. debit side
- B. credit side
- C. folio column
- D. memorandum column
A rent received by a trader for sub-letting part of his business premises should be added to the?
- A. gross profit
- B. total profit
- C. net profit
- D. total revenue
In a three-column cash book,the discount allowed is shown on the?
- A. debit side
- B. credit side
- C. folio column
- D. memorandum column
five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier……N500
Petty cashier paid out: stamp…….N200
Newspaper………………………N250
Period 2:
Cash to petty cashier……………N450
Cashier paid for writing materials..N350
What was the balance of cash with the petty cashier ata the end of period 1?
- A. N50
- B. N200
- C. N300
- D. N450
five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier……N500
Petty cashier paid out: stamp…….N200
Newspaper………………………N250
Period 2:
Cash to petty cashier……………N450
Cashier paid for writing materials..N350
How much should the petty cashier receive after period 2?
- A. N150
- B. N250
- C. N350
- D. N500
Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank.
What is his expected balance?
- A. Credit balance of N 200,000
- B. Debit balance of N 200,000
- C. credit balance of N 3 200,000
- D. Debit balance of N3 200,000
Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?
- A. omission
- B. principle
- C. commission
- D. original entry
What are the appropriate recording procedures for entries in the trial balance?
- A. source documents, ledgers and trial balance
- B. Ledgers, trial balance and source documents
- C. Ledgers, source documents and trial balance
- D. Cash account, ledgers and trial balance
Given:
Rent…………..N10,000
Rates………….N5,000
Capital………..N50,000
Salaries……….N14,000
Cash…………..N26,000
Creditors……….N5,000
The total trial balance is?
- A. N110,000
- B. N65,000
- C. N55,000
- D. N45,000
Given:
Liabilities…………..N23,700
Current assets………..N20,300
Fixed assets………….N64,500
What is the capital introduced by the proprietor?
- A. N40,800
- B. N61,100
- C. N88,200
- D. N108 500
The journal entries for the purchase of stock on credit are to debit?
- A. stock account and credit cash account
- B. stock account and credit liability account
- C. ourchase account and credit liability account
- D. suspense account and credit cash account
The concept that has much influence over asset valuation and income determination is?
- A. entity
- B. realization
- C. conversactism
- D. matching