Which Principles of Account Question Paper Type is given to you?
The major function of accounting bodies in Nigeria is to ____.
Ledger account is mainly classified into ___.
If salary account is debited instead of stationery account. the error committed is that of __.
If stationery bought for ₦200 has been entered as ₦2000. To correct this error
The account which refers to the tangible assets of a company that is of permanent nature is the __.
The major feature of an invoice is that, it ___.
1 out of 5
The source documents include___.
Use the information below to answer questions 9 and 10. Three Column Cash Book (Extract)
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If Fatima was granted a discount of 2%, what will be the discount allowed?
Calculate the cash balance after the discount.
A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the ___.
The bank charges levied on a current account holder is the charges on ___.
The cause of discrepancies between the bank statement and the cash book that overstates the cash book is the__.
2 out of 5
Use the information below to answer questions 14 and 15
₦ Sales 10,900 Stock 1/1 1,000 Stock 31/12 2,000 Purchases 4,000 Returns outwards 800 Returns inwards 600 Carriage outwards 300 Carriage inwards 200
The cost of goods available for sale is __.
Use the information below to answer questions 16 and 17
Sundry debtor ₦20,000
Provision for bad debts ₦500 Provision for bad debt at 4% of sundry debtors
Determine the provision for bad debts to profit and loss account.
Calculate the provision to be taken to the balance sheet
3 out of 5
Benefits enjoyed for which payments have not been made are __.
If an organization maintains a periodic stock system, the stock quantities are __.
If a company values its stocks in the period of rising prices using LIFO method, there is a tendency for it to
The gross loss on manufacturing is always transferred to the ___.
The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the
The prime cost is the total of the ___
The equivalent of a club's receipts and payment account is the___.
The summary of receipt and payments account represents
As evidence of payments to a government ministry, the revenue collectors will issue
The financial plan of the government for a year is contained in the __
An increase in government expenditure within a year is taken care of by means of ___
Sundry debtors in the balance sheet of Onoja Bakery and Sons totalled ₦800 000. A provision of 2% was made for discount and 5% provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.
An ordinary share of ₦80 was issued at ₦96. The share was issued at
The Directors' salaries paid are items of _
4 out of 5
Given: 6 000 000 10% preference shares of ₦ 0.50 each 6 000 000 ordinary shares of ₦1 each Capital reserves ₦2 700 000 Long-term liabilities ₦4 000 000
Which of the following is mostly used in treating partners' current earnings?
The rules which govern the internal management of a firm and its financial affairs in a partnership business is a
The branch expenses paid by the head office is recorded in the books by debiting branch __.
Use the information below to answer questions 33 and 34.Abingo Limited has three departments K, L and M. (i) Rent for the year ₦3000 (ii) Selling and distribution expenses ₦1800
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How much rent is apportioned to department K?
How much selling and distribution expenses is apportioned to department M?
The Akachala Limited has four departments W, X, Y and Z. The profits or loss of the departments were ₦20 000 loss, X ₦25 000 profit, V ₦30 000 loss and Z 1 800 profit. How much is the net profit or loss of the company?
Given: 6 000 000 10% preference shares of ₦ 0.50 each 6 000 000 ordinary shares of ₦1 each Capital reserves ₦2 700 000 Long-term liabilities ₦4 000 000
Find the value of authorized share capital.
The process of reconciling cheques between banks is termed cheque__.
5 out of 5