Question 1 of 20 3,370 total questions
Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in
A suspense Account
B trading account
C control account
D profit and loss account
Which of the following is not a source document?
A credit note
B invoice
C debit note
D bank note
Rent receivable account is an example of
A nnorminal account
B real account
C personal account
D private account
Which of the following is both a subsidiary book and a ledger?
A sales journal
B purchases journal
C returns inward book
D cash book
Which of the following is used to record the purchase of fixed asset on credit?
A sales journal
B journal proper
C purchases journal
D cash book
The principle entry book-keeping states that every
A every debit entry must have a corresponding credit entry
B debtor must have a creditor
C double debit must must have a double credit entry
D account debited should also be credited
The sales day Book is used to record
A cash and credit sales
B credit sales
C cash sales
D sales to middleman
Based on the FIFO method of valuation the total cost of the raw materials issued is
WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
A N900
B N2,400
C N4,200
D N4,600
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
A N2,100
B N2,200
C N4,400
D N6,400
The depreciation to be charged to department T is ?
What is the net profit made by department S?
A N3,600
B N,3000
C N2,400
D N2,000
The value of the owner's equity is
A N400,000
B N900,000
C N957,000
D N1,357,000
What is the value of the authorized share capital?
A N500,000
B N600,000
C N750,000
D N1, 200,000
The statement of assets and liabilities in the public sector can be described as the?
A income and expenditure accountof government
B appropriation account of government
C balance sheet of government
D funds flow statement of government
The budget statement presented to the legislature by the Chief Executive is called?
A an appropriation act
B a budget bill
C an appropriation bill
D a budget proposal
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?
A Consolidated Revenue Fund
B Federation Account
C Revenue Mobilization Allocation and Fiscal Commission's Account
D Equalization Fund
Share premium is an example of?
A revenue reserve
B capital reserve
C general reserve
D loan capital
The expenses incurred in promoting a company are?
A promoters' expenses
B floating expenses
C preliminary expenses
D the borad's expenses
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