Question 1 of 20 49 total questions
Given:
A #8000
B #9,500
C #12,500
D #15,500
Social Club Subscription (Extract)
A #14,200
B #16,400
C #18,900
D #20,500
Social Club Subscription (Extract)
A #57,470
B #41,070
C #40,210
D #35,300
Subscription in arrears is treated in the balance sheet of a club as
A current asset
B current liability
C fixed asset
D intangible asset
The value of the sales ledger control account is derived from the summation of
A the total debtors' account
B the total creditors' account
C all day books
D both the debtors'and creditors' accounts
A book of account that possesses the features of both day book and ledger is
A sales day book
B cash book
C purchases day book
D returns day book
The control account is used in facilitating
A the location of errors in the various accounts
B up to date bank transactions
C the payment of debts and liabilities of the firm
D assets distribution with respect to income
2/3 Purchases 900 books at #1,000 each
A #801,000
B #1,100,500
C #1,160,500
D #1,175,500
2/3 Purchases 900 books at #1,000 each
A #285,000
B #300,000
C #570,000
D #600,000
The excess of sales over cost of goods sold is
A gross sales
B gross profit
C net profit
D net sales
Balance sheet (Extract)
A #8,553
B #8,263
C #7,940
D #1,228
Balance sheet (Extract)
A #10,361
B #10,651
C #17,396
D #17,848
If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be
A #700,000
B #240,000
C #220,000
D #202,000
If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?
A #4,500
B #8,550
C #9,000
D #9,450
The major focus of the trading account is to show
A net profit
B gross margin
C total purchases
D total sales
An item credited in the bank statement but yet to be recorded in the firm's cash book is
A bank loan
B contract payment
C standing order
D direct deposit
1. Cash sales
A 1 and 11
B 1 and 111
C 1 and V
D 1 and 1V
A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of
A imprest system only
B direct purchase by branch
C separate accountant for the branch
D credit sales by only the headquarters
Petty cash book records transactions on
A the debit side only
B the credit side only
C both credit and debit sides
D reversed entry
The major advantage of an imprest system is that it
A ensures a proper accountability for every expenditure
B trains the young accountants in preparation for greater responsibilities
C relieves the cheif cashier of the numerous petty cash payments
D serves as an analysis column for every expenses
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