Question 1 of 20 96 total questions
When a transaction is completely left out from the books, it is an error of
A commission
B omission
C principle
D compensation
Which of the following is not recorded in a partnership appropriation account?
A interest on capital
B partners drawings
C share of profit
D interest on drawings
The reduction in value of goodwill is
A amortization
B appreciation
C depletion
D depreciation
Another name for owner's equity is
A loan
B debtots
C capital
D overdraft
Expenses accured at the end of the accounting year is treated in the balance sheets as
A current assets
B current liability
C ficed assets
D long-term liability
Which of the following is a capital expenditure?
A extension of building
B repairs of generator
C purchase of stock
D purchase of stationery
The two fundamental books of accounting are
A return inwards and outwards
B journal and ledger
C discounts allowed and received
D credit note and debit note
Calculate the cost of goods sold.
A N61 000
B N58 000
C N62000
D N57 000
Find the average stock for the period
A N27 000
B N23 000
C N28 000
D N20 500
Which of the following signs general warrant for the release of money from the consolidated revenue fund?
A Minister of Finance
B Chairman, Economic Advisory Committee
C Permanent secretary
D Minister of Economic Planning
The chief accounting officer of a local government is the?
A Chairman
B Treasurer
C Director of personnel
D Auditor
Which of the following is a signatory to federal government account?
A Auditor-General
B Governor of Central Bank
C Accountant-General
D Persident
If Aboki Holdings Limited issued 120, 000 ordinary share of N2.00 each at market value of 5.50k each, the share premium would?
A N500 000
B N450 000
C N550 000
D N420 000
Which of the following accounts for the highest revenue to Nigeria?
A Import duties
B Personal income tax
C Petroleum income tax
D Company tax
The fund in which all government receipt are paid is?
A consolidated revenue fund
B development fund
C trust fund
D contingency fund
The founders of a company are?
A promoters
B shareholders
C canvassers
D stakeholders
Goodwill is determined using?
A capital contribution
B number of partnerd admitted
C the business and customer relations
D number of active partners
Which of the following can be used on admission of a new partnership?
A Revaluation account
B Profit account
C Capital account
D Trading account
The interest on Keme's drawings is calculated as?
Use the information below to answer questions 40 and 41.
A N1 000
B N2 000
C N500
D N3 000
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