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A petty cashier was given N 1,000 for the month of October, 2012. On October 31st, he had a balance of N100. The amount needed to restore the float is

A. N 1,100.    B. N 1,000.    C. N 900.    D. N 100.


A machinery was bought for N150,000 on 1st January 2002. Depreciation was provided at 10% annually on straight line method. It was sold on 31st December, 2005 for N89,500.00

As a result of the sale of the asset, profit was reduced by

A. N1,000    B. N800     C. N700     D. N600    E. N500


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


One of the reasons for disagreement between cash book and bank statement balance is

A. discounts allowed.
B. discounts received.
C. imprest account.
D. provision for bad debt.
E. uncredited cheque.


There are ten members in a club and the annual subscription rate is N 500. All members paid for the year and four members paid for the next year.

The amount to be recorded in the income and expenditure account is

A. N 7,000.    B. N 5,000.    C. N 3,000.    D. N 2,000.


Which of these is not an item in a nominal account?

A. Advertisement    B. Debtors    C. General expenses    D. Insurance    E. Repair

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. 


The total amount of profit available for appropriation is

A. N14,620.     B. N13,625.     C. N12,400.     D. N11,625.     E. N11,400.


The accounting year of Mr. Johnson ends on 31st December every year.
Plant and machinery purchased on 1st January of 2010 was 1460,000.
Depreciation rate per annum was 10%, scrap value was 146,000.

Using the reducing balance method what is the depreciation for year 2?

A. N16,000    B. N11,400    C. N6,000    D. N5,400    E. N4,800


Which of the following is not a nominal account? ____ Account.

A. Discount Allowed
B. Discount Received
C. Electricity
D. Furniture and Fittings
E. Insurance


Trading account is prepared to determine

A. gross profit or loss.
B. net profit or loss.
C. cost of goods produced.
D. carriage inwards.


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


The following information is extracted from the books of Jujesther a sole trader, for the year ended 31st December, 2011.

N
Net Purchase………………………… 480
Stock 1/1/2011…………………….. 400
Salaries …………………………………100
General Expenses……………………. 60
Net Sates……………………………….. 1200
Stock (31/12/201 1)…………………. 200

What is the value of the average stock?

A. N600    B. N500     C. N400     D. N300     E. N200


Which of the following is found in a company’s article of association?

A. Address of registered office
B. Object of the business
C. Name of the company
D. Names and power of directors


The following transactions were extracted from the books of Lolo for the month of June, 2013:

June 1: Opening stock - 300 units at N 2 each
June 9: Purchases - 240 units at N 2.50 each
June 12: Issue – 300 units

The value of closing stock as at June 30, 2013 using FIFO method is

A. N 1,200.    B. N 720.    C. N 600.    D. N 480.


The following information is extracted from the books of Jujesther a sole trader, for the year ended 31st December, 2011.

N
Net Purchase………………………… 480
Stock 1/1/2011…………………….. 400
Salaries …………………………………100
General Expenses……………………. 60
Net Sates……………………………….. 1200
Stock (31/12/201 1)…………………. 200

What is the Gross profit?
 
A. N800    B. N700    C. N620    D. N520     E. N420


The debit balance in sales ledger control account indicates the total

A. creditors.    B. debtors.    C. profit.    D. purchases.    E. sales.


The principle of double entry states that “For every

A. debit entry, there must be a corresponding credit entry”.
B. debt there must be a debtor”.
C. giver there must be a corresponding receiver”.
D. receiver there must be a corresponding giver”.
E. receiver there must be a giver”.


Which of the following is a long term liability?

A. Accruals    B. Bank overdrafts    C. Credit purchases    D. Credit sales    E. Debentures


Carriage inwards is defined as expenses that are

A. incurred on goods purchased
B. incurred on goods sold on credit.
C. paid in arrears on goods.
D. paid on goods bought on credit.
E. selected for goods sold.


Any loan given by a partner to the business where there is no partnership agreement attracts an annual interest of

A. 6%.    B. 5%.    C. 4%.    D. 3%.     E. 1%.


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