Question 1 of 20 3,370 total questions
The financial plan of the government for a year is contained in the
A vote book
B cash analysis book
C budget
D general order
E gazette
Which of the following is not a cause discrepancy between cash book and bank statement balances?
A deposits in transit
B standing order
C paid cheques
D dishonoured cheque
E uncredited cheques
Provision for depreciation on office furniture is charged to
A capital account
B profit and loss appropriation account
C trading account
D profit and loss account
E manufacturing account
A list of balance extracted from the ledger is known as
A balance sheet
B statement of affairs
C trading account
D profit and losss account
E trial balance
Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of
A principle
B original entry
C omission
D commission
E compensation
The undistributed profits of a limited liability company is
A goodwill
B working capital
C net profit
D rtained earings
E net loss
Working capital is measured by the excess of
A current liabilities over current assets
B fixed assets over current assets
C currents assets over current liabilities
D current assets over fixed assets
E long term liabilities fixed assets
Which of the following is an example of Personal Accounts?
A stock
B fixture
C equiptment
D rent
E debtors
Subscription in advance is an example of
A payment
B accual
C debtors
D provision
E reserves
The accounting entries required for increase in provision for doubtful debts are
A debit profit and loss account, credit provision for doubtful debts account
B credit provision for doubtful debts account; debit profit and loss account
C credit trading account; credit provision and doubtful debts account
D credit trading trading account; debit provision for doubtful debts account
E credit debtor's account; debit provision for doubtful debts account
If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of
A ordinary entry
B omission
C commission
D compensation
E principle
Which of the following is not a debit entry on a sales ledger control account?
A goods sold
B cash received
C dishonoured cash
D payment to debtors for claim
E interest charges
The reward given to a debenture holder is called
A profit
B reserve
C premium
D dividend
E interest
Which of the following is the basis of accounting in the Civil Service?
A accrual
B cash
C income
D expenditure
E profit
Which of the following is the effect of a reduction in the provision for doubtful debts?
A reduction in net profit
B reduction in cash balance
C reduction in gloss profit
D increase in gross profit
E increase in net profit
The trial balance showed wages, N2 500 and a note stated that N500 wages, were due but unpaid when preparing final accounts and loss account with
A N 3000 and show wages accrued N 500 in the balance sheet in the balance sheet
B N 2 000 and show wages accured N500 in the balance sheet
C N 3000 and show wages prepaid N 500 in the balance sheet
D N 2000 and show wages paid in advance N 500 in the balance sheet
What was the balance showed wages, N2 500 and a note stated that N 500 wages were due but unpaid when preparing final accounts and loss account with
A N 3 000 and show wages accrued N 500 in the balance sheet
B N2 000 and show wages accrued N500 in the balance sheet
C N 3 000 and show wages perpaid N 500 in the balance sheet
D N 2000 and show wages paid in advance N500 in the balace sheet
Trade creditors account was maintained at 25% of the capital.
A N 29 800
B N 29 500
C N29 400
D N 29 000
THE BOOK VALUE OF THE ASSET AS AT 31/12/86 WAS
A N 3 731 250.00
B N 2 487 500.00
C N 1 268 750.00
D N1 020 000. 00
Accumulated depreciation on the asset as at 31/12/81 was
A N 2 487 500 .00
B N 2 736 250 . 00
C N 4 511 192.00
D N 4 975 000 .00
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