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Opening Stock + purchases + carriage inwards is equal to

A. cost of goods available for sale.
B. cost of goods sold.
C. current assets.
D. gross profit
E. total purchases.

Kenny and Mathew are in partnership sharing profits and losses in the ratio 3:2. The interest on drawings and capital are 5% and 6% per annum respectively and net profit for the year ended 31st December, 2010 was N15,000. The following balances were extracted from their books on 31st December, 2010. 

Mathew’s share of the profit is

A. N7,000    B. N6,550    C. N5,500    D. N4,650    E. N4,600

A document that is sent from the seller to the buyer at a particular lime showing the accounts of the buyer is referred to as

A. account document.
B. bank statement.
C. receipt booklet.
D. statement of account.
E. statement of records.

Which of the following is not an adjustment item in bank reconciliation?

A. Bank charges    B. Interest on overdraft    C. Legal fees    D. Cash deposits

The act of recording business transactions in a systematic manner is referred to as

A. debit    B. credit.    C. bookkeeping.    D. cashbook.

The accounting concept that states that revenue and profit should not be recognized until they are earned is

A. realization concept.
B. matching concept.
C. cost concept.
D. dual aspect concept

The profit or loss for Jimoh is

A. N800.    B. N700.    C. N600.    D. N500.    E. N400.

Opening entries of a business are recorded in the

A. cashbook.
B. control account.
C. journal proper.
D. purchases journal.
E. sales journal.

Which of these assets is a fixed asset to a motor dealer?

A. Cash at bank    B. Cash at hand    C. Motor cars    D. Premises     E. Prepayment

Which of these is not an advantage of control account?

A. Errors are easily discovered
B. Frauds are easily detected
C. Revealing the current assets and current liabilities
D. Saves time
E. Total debtors and creditors are easily ascertained

Which of the following in not found in the balance sheet?

A. Stock    B. Purchases    C. Prepayments    D. Salary arrears

A person who sells his business to another business is a

A. dealer.    B. hirer.    C. buyer.    D. vendor.

Which of the following is charged to the debit side of profit and loss appropriation account of partnership?

A. Bad debt   B. General expenses    C. Interest on capital    D. Loan interest    E. Net profit

Depreciation is a

A. charge on the wear and ‘tear of fixed assets.
B. charge on using the asset.
C. cost incurred on replacing a fixed asset.
D. cost of repairs incurred on a fixed asset.
E. provision for the loss on a fixed asset.

An error which results from using wrong class of account is

A. original entry.    B. transposition.    C. principle.    D. commission.

Which of the following books is regarded as the principal book of account?

A. Ledger    B. Petty cash book     C. Cashbook     D. Journal

A business organisation which does not agree with the slogan “Two heads are better than one” is

A. cooperative society.
B. joint stock company.
C. partnership.
D. public corporation.
E. sole proprietorship.

In a non-profit making organisation the excess of assets over liabilities is referred to as

A. accumulated fluid.    B. capital.     C. loss.    D. net profit.    E. surplus.

Maggi incurred N76,000 to purchase a washing machine on 1st January 1997 and paid N6,000 for repairs same day.

The N6,000 on repairs will be debited to which account?

A. Appropriation account
B. Balance sheet
C. Current account
D. Profit and loss account
E. Trading account

Subscription in advance is a/an

A. current asset.    B. current liability.    C. fictitious asset.    D. goodwill.    E. intangible asset.

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