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Which of the following is not a book of original entry?

A. Returns Inwards Book
B. Returns Outwards Book
C. Journal Proper
D. Bank Statement

Which of the following is recorded on the debit side of the total debtors control account?

A. Dishonoured cheque    B. Bad debts    C. Returns inward    D. Discount allowed

Trading account is prepared to determine

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



The amount of current asset is

A. N 15,620.   B. N 12,180.    C. N 9,180.    D. N 6,120.

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.

Discounts allowed and received are recorded in the

A. three column cash book.
B. two column cash book.
C. single column cash book.
D. petty cash book.

The document sent by the seller to the customer to effect returns of goods is

A. credit note.    B. invoice.    C. waybill.    D. debit note.

The excess of cost of goods sold over sales is the

A. net profit.    B. net sales.    C. gross profit.    D. gross loss.

Which of the following is a trading account item?

A. Carthage outwards   B. Carriage inwards    C. Prepayment    D. Accrual

The remuneration given to a consignee for selling the goods on behalf of the consignor is

A. salary.    B. bonus.    C. commission.    D. premium.

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

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

A club’s capital may be referred to as

A. accumulated fund.    B. asset.    C. bank balance.    D. income.    E. surplus.



The current liability is

A. N 5,640.    B. N 5,060.    C. N2, 060.    D. N 2,000.

Receipt and payment account of a club is same as the _____ of a sole trader.

A. balance sheet
B. cash book
C. profit and loss account
D. trading account
E. trial balance

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

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

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.

A person to whom money is owed is

A. a debtor.    B. an acceptor.    C. a creditor.    D. a donor

Which of the following expenses is not charged to profit and loss account?

A. Administrative expenses
B. Factory expenses
C. Marketing expenses
D. Finance expenses

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

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

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

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