A balance sheet is a
- A. form of trading account
- B. proof of arithmetical accuracy of postings
- C. statement showing profits at a certain date
- D. statement showing assets and liabilities at a cretain date
Which of the following entries is made damaged goods are returned to the supplier?
- A. supplier's account is debited and the purchasers account credited
- B. returns outwards account is debited and the supplier's account credited
- C. purchaser's Account is debited and the supplier's account credited
- D. supplier's account is debited and the returns Outwards Account creddited
A trial Balance is the
- A. narration of all transactions and accounts
- B. debit balances of the accounts
- C. list of all balances extracted from the ledger
- D. list of all credit balances in the ledger
The purpose of the trading account is to ascertain
- A. carriage outwards
- B. gross profit
- C. distribution expenses
- D. net profit
A suspense Account is used to
- A. recoed difference in the books until errors are located
- B. accumulate debit and credit balances
- C. accomodate debit balances of profit statements
- D. record accounts of the general ledger
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the quick ratio?
- A. 4 : 1
- B. 3 : 1
- C. 2 : 1
- D. 1 : 1
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
The equity capital is
- A. N203,000
- B. N180,000
- C. N140,000
- D. N88,000
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the working capital?
- A. N180,000
- B. N140,000
- C. N88,000
- D. N66,000
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
The debt to equity ratio is
- A. 1 : 4.05
- B. 1 : 4
- C. 1 : 3
- D. 1 : 2.3
Use the following information to answer the given question
\(\begin{array}{c|c} & N & & N \\ \hline \text{Ordinary Share Capital} & 140,000 & \text{Plant and Machinery} & 100,000 \\ \text{80% Preference share} & 63,000 & \text{Furniture} & 62,000 \\ \text{Retained earnings} & 40,000 & \text{Motor Van} & 75,000 \\ \text{10% Debentures} & 60,000 & Stock & 22,000 \\ Creditors & 10,000 & Debtors & 26,000 \\ \text{Accrued wages} & 12,000& Bank & 40,000 \\ & \overline{325,000} & & \overline{325,000}\end{array}\)
What is the current ratio?
- A. 4 : 1
- B. 3 : 1
- C. 2 : 1
- D. 1 : 1
The main classes of shares are
- A. preference shares and roghts issue
- B. fixed shares and current share
- C. ordinary shares and preference shares
- D. redeemable shares and Irredeemable shares
Dividend proposed by a company is shown in its Balance Sheet as
- A. current asset
- B. current liability
- C. long-term liability
- D. fixed asset
Which of the following is not a revenue expenditure ?
- A. repair of generating set
- B. purchase of inventory
- C. extension of building
- D. paymen of subscription
Company tax paid is debited to
- A. profit and loss appropriation
- B. manufacturing account
- C. profit and loss account
- D. trading account
Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
Their profit sharing ratio is
- A. 1 : 8 : 1
- B. 1 : 5 : 1
- C. 1 : 25 : 1
- D. 1 : 1
Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
What is Balla’s Current Account balance as at 31/3/99?
- A. N11,000
- B. N7,000
- C. N5,500
- D. N4,500
Use the following information to answer he given question
\(\begin{array}{c|c} & J. Chike & B. Balla \\ & N & N \\ \hline \text{Current Accounts balance(1/4/98)} & 4,000 & 6,000 \\ \text{Current Accounts balance (1/4/99)} & 7,000 & \text{?} \\ Drawings & 1,500 & 1,500 \\ \text{Share of net profit} & \text{?} & 2,500 \end{array}\)
What is chike’s share of profit from the partnership for the year ended 31/3/99 ?
- A. N8,500
- B. N7,000
- C. N5,500
- D. N4,500
In-not-profit-making organizations, accumulated fund is the name for
- A. profit
- B. loss
- C. capital
- D. current assets
Which of the following is the memory part that is available for use by the computer user?
- A. bits
- B. Ram
- C. Data
- D. ROM
Which of the following is does not relate to a non-for-profit-making organization?
- A. Balance sheet
- B. receipt and payment account
- C. Ledger Accounts
- D. Profit and Loss Account
Use the following information to answer the
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)
How many bits make 1 byte?
- A. 8 bits
- B. 9 bits
- C. 16 bits
- D. 64 bits