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Sales ledger control account contains the total amount in respect of
Acreditors
Bdebtors
Cinvestors
Dshareholders
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Question 782
jamb1995
Why are adjustments in the profit and loss account necessary?
ATo cover some expenses of the following year
BTo ascertain the actual expenses incurred and income earned during the year
CTo show the provision made during the year
DTo show the total expenses paid and income received during the year
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Question 783
jamb1995
Adama's bank account showed an overdraft of N600 on 31st march. On going through the account, it was discovered that the N1,080 paid into the account on 29th March had not been credited. what should be the balance in Adama's cash accounts?
AN1,680 Dr
BN1,080 Cr
CN600 Dr
DN480 Cr
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Question 784
jamb1995
The following represent extracts from the trading account of a retail outlet for a given month:
Opening stock N2,400
Closing stock N6,400
Other expenses N2,000
Sales N11,000
Profit N900
What is the purchase figure for the month?
AN13,000
BN12,100
CN12,000
DN11,200
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Question 785
jamb1995
A payment of cash of N20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?
AJohn: N40 Dr, cash: N40 Cr
BCash: N40 Dr, John: N40 Cr
CJohn: N20 Dr, cash: N20 Cr
DCash: N20 Dr, John: N20 Cr
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Question 786
jamb1995
Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a
Acredit note
Bdebit note
Cjournal voucher
Dway bill
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Question 787
jamb1995
What are the advantages of an imprest petty cash book?
I cheques can be drawn easily
II A cheque on the use of cash
III Liability of the petty cashier is limited to the value of petty cash
IV Loses through the petty cashier can be minimized
AI, II and III only
BI, II and IV only
CI, III and IV only
DII, III and IV only
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Question 788
jamb1995
A trail balance is usually prepared by an accountant from account balances in the ledger for the purpose of
Aclassifying accounts in the ledger
Btesting arithmetical accuracies of the ledger account balances
Cidentifying the balance sheet items
Dproviding a basis for establishing the accountant's competence
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Question 789
jamb1995
One major advantage of ledger is that it
Ais a book of original entry
Bis only accessible to share holders during liquidation
Cremoves the need for preparing a balance sheet after each transaction
Dcan be used by any type of business
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Question 790
jamb1995
Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which was paid into the bank account. Which of the following entries properly records the transaction?
ACash account was credited with N500,000 and capital account was debited with N500,000
BBank account was debited with N500,000 and capital account was credited with N500,000
CBank account was accredited with N500,000
DMr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000
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Question 791
jamb1995
Which of the following transaction is BEST recorded in the general journal?
APayment of rent with cheque
BPurchase of stock with cash
CPurchase of an asset on credit terms
DTransfer of cash from head office branch
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Question 792
jamb1995
Given: Motor van, N3,600, Premises, N5,000; Loan from R. Nwaeke, N1,000; Cash at bank; N1,650; stock of goods N4,800; Creditors, N2,560; Cash in hand, N250 and debtors N6,910. calculate the capital figure.
AN19,650
BN18,650
CN17,850
DNN16,850
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Question 793
jamb1995
Which of the following accounting records are source documents?
AJournal and ledgers
BSales invoice and cash book
CCash book and debit note
Dsales invoice and debit note
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Question 794
jamb1995
An effective accounting system should provide information
Aon new product and methods
Bfor cutomer feed back and requirement
Con internal and external reporting for managers and third parties
Dfor promoters, directors, labour union and distributors
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Question 795
jamb1995
Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?
AAccrual concept
BConservatism concept
CPrudence concept
DMateriality concept
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Question 796
jamb1995
which of the following factors has aided the development of accounting?
AThe emergence of nation states
BThe discovery of mineral resources in commercial quantity
Cthe growth in size of businesses and separation of ownership and management
Dthe development and management of sophisticated monetary system
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Question 797
jamb1994
The amount of individual items on a government budget is called
Avote
Bdeposit
Cloan
Dgrant
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Question 798
jamb1994
The cash bass of accounting requires the recognition of revenue only when they are
Adue
Bearned
Cpaid
Dreceived
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Question 799
jamb1994
The receipt from a special tax levy to pay maturing interest obligation are recorded in
Acapital fund project
BDebt Service Fund
CTax Assessment Fund
DSpecial Revenue Fund
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Question 800
jamb1994
The expenditure on a good or services which is consumed either immediately or within a current accounting period is called
