Use the following information to answer the questions
The transactions of All Girls’ Social Club for the year 2021 are as follows:
Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200
| 31st December | 2020 | 2021 |
| D | D | |
| Stock at bar | 1400 | 1600 |
| Owing for bar supplies | 6500 | 7300 |
The value of purchases for the year is
- A. D 16,200
- B. D 17,800
- C. D 17,000
- D. D 16,800
The accumulated fund for a not-for-profit making organization is
- A. capital + liabilities
- B. assets - liabilites
- C. assets + liabilites
- D. assets - liabilities + capital
The allocation of funds from treasury to accounting heads in public sector is
- A. float
- B. vote
- C. virement
- D. budget
A business should not lay claim to any profit before it is earned. This is in accordance with the
- A. going concern concept
- B. prudence concept
- C. dual aspect concept
- D. consistency concept
The purchase day book is used to record
- A. purchases returns
- B. cash purchase
- C. total purchases
- D. credit purchase
A partnership is formed by
- A. two or more individuals
- B. only one person
- C. two individuals only
- D. two or more companies
Beauty started business with ₦40,000, made a profit of ₦50,000 and ended the year with ₦70,000 capital. What would have accounted for the closing capital?
- A. Drawings of ₦20,000 was made
- B. The opening capital of ₦40,000 was invested
- C. Beauty was paid a salary of ₦90,000
- D. Cash shortage of ₦30,000 was recorded
The accounts maintained in the nominal ledger are
- A. liabilites and capital
- B. assets and liabilites
- C. income and capital
- D. expenses and income
Profit distributed to ordinary shareholders of a limited liability company is
- A. dividend
- B. interest
- C. surplus
- D. reserve
The accounting concept which is the basis upon which assets of a business are valued is the
- A. dual aspect concept
- B. consistency concept
- C. accrual concept
- D. historical concept
One of the internal users of accounting information is the
- A. management
- B. government
- C. creditors
- D. investors
Suppliers’ personal account are found in the
- A. private ledger
- B. nominal ledger
- C. purchases ledger
- D. sales ledger
In the final account of a limited liability company, debenture interest paid is recorded in the
- A. capital account
- B. profit and loss account
- C. trading account
- D. current account
Use the following information to answer the question
|
$ |
|
|
Trade creditors (31/12/2020) |
4,000 |
| Paid for purchases in 2021: Cheques | 110,000 |
| Carriage inwards | 1,000 |
| Trade creditors (31/12/2021) | 6,000 |
The balance c/d on trade creditors will be recorded in the balance sheet as
- A. current asset
- B. short-term liability
- C. long-term liability
- D. fixed asset
Use the following information to answer the question
| $ | |
|
Trade creditors (31/12/2020) |
4,000 |
| Paid for purchases in 2021: Cheques | 110,000 |
| Carriage inwards | 1,000 |
| Trade creditors (31/12/2021) | 6,000 |
The total purchase in 2021 is
- A. $121,000
- B. $113,000
- C. $117,000
- D. $111,000
Which of the following items is classified as capital expenditure in public sector accounting?
- A. Training and conference cost
- B. Construction works's cost
- C. Wages and salaries
- D. Financial charges
A reason a business is not able to keep full set of accounting records is that
- A. the business does not make profit
- B. double entry is expensive to maintain
- C. the business is not a trading concern
- D. double entry shows the true profit
The source of funds available to a local government/district assembly includes
- A. common fund allocation
- B. none of the above
- C. excise duties
- D. road tolls
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
| Purchases | 160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
|
Salaries |
27,600 |
|
Closing stock |
14,100 |
The net profit is
- A. D 21, 760
- B. D 18, 260
- C. D 21, 020
- D. D 21, 620
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The gross profit
- A. D 39,360
- B. D 38, 620
- C. D 36,360
- D. D 39,220
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The cost of goods available for sale is
- A. D 175,860
- B. D 175,380
- C. D 175, 120
- D. D 175,460