Question 1 of 20 1,611 total questions
Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?
A omission
B principle
C commission
D original entry
What are the appropriate recording procedures for entries in the trial balance?
A source documents, ledgers and trial balance
B Ledgers, trial balance and source documents
C Ledgers, source documents and trial balance
D Cash account, ledgers and trial balance
Given:
A N110,000
B N65,000
C N55,000
D N45,000
Given:
A N40,800
B N61,100
C N88,200
D N108 500
The journal entries for the purchase of stock on credit are to debit?
A stock account and credit cash account
B stock account and credit liability account
C ourchase account and credit liability account
D suspense account and credit cash account
The concept that has much influence over asset valuation and income determination is?
A entity
B realization
C conversactism
D matching
The double principle of accounting was developed by?
A Frank Wood
B Luca Pacioli
C Akintola Williams
D William Pickles
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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