Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.
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Question 1441: Opening balance of Dikscompany was #12,202, closing balance #15,300, total cash received during the period #40,000. What wasthe amount of cash paid during the same period?
Options:
A) #36,902
B) #27,502
C) #12,498
D) #43,098
Show Answer
The correct answer is C .
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Question 1442: The correct entry to reflect the receipt of cash sent by a branch to a head office is?
Options:
A) debit cash and credit branch current account
B) debit branch, current account and credit cash
C) credit branch, debtors and debit cash
D) credit branch current account and debit branch debtors
Show Answer
The correct answer is A .
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Question 1443: A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap value of #9,000.If the scrap value is presently #15,000 what will be the yearly depreciation using straight line method?
Options:
A) #4,000
B) #7,000
C) #11,000
D) #24,000
Show Answer
The correct answer is A .
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Question 1444: A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman's account. To correct this error, debit Sulieman's account and credit
Options:
A) cash account
B) bank account
C) suspense account
D) purchases account
Show Answer
The correct answer is B .
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Question 1445: The summary of receipts ans payments account represent?
Options:
A) cash at hand
B) journal proper
C) general journal
D) ledger accounts
Show Answer
The correct answer is A .
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Question 1446:
In the absence of a partnership deed, the act stipulates that____________
Options:
A) An amount should be fixed as salaries for partners
B) Profits and losses should not be shared equally
C) Interest on partner’s loan should be 25%
D) Interest should not be allowed on partners drawings
Show Answer
The correct answer is D .
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Question 1447:
Gbagada Social Club.
Receipt and Payments Account for the year 1993Description | Amount (₦) | Description | Amount (₦) |
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Balance b/d | 720 | Rent | 180 |
Subscriptions | 14,300 | Furniture | 3,500 |
Proceed from raffle draws | 2,000 | Rate | 580 |
| | Stationery | 120 |
| | Welfare expenses | 1,000 |
| | Raffle prize | 950 |
Total | 17,020 | Balance c/d | 10,690 |
| | Total | 17,020 |
Additional information:
| 1:1:93 | 31:12:93 |
| ₦ | ₦ |
Subscription in arrears | 300 | 450 |
Furniture | 7,000 | |
Subscription received in advance | 500 | 400 |
Rate owing | 50 | 60 |
Subscription relating to the accounting year 1993 in the income and expenditure account is
Options:
A) ₦15 050
B) ₦14 050
C) ₦14 300
D) ₦13 400
Show Answer
The correct answer is B .
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Question 1448:
Use the information below to answer the question.
Calculate the balance in the bank statement.
| ₦ |
Balance as per cashbook | 13560 |
Unpresented cheques | 5120 |
Dividend received | 2000 |
Uncredited cheque | 2300 |
Bank charges | 280 |
Standing order | 600 |
Balance as per bank statement | ? |
Options:
A) ₦10,740
B) ₦11,860
C) ₦16,380
D) ₦17,500
Show Answer
The correct answer is D .
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Question 1449: Which of the following is an intangible asset and a measure of a firm's superior earning power?
Options:
A) Patent
B) Goodwill
C) Trademark
D) Right issue
Show Answer
The correct answer is B .
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Question 1450: One of the major features of bookkeeping is that it?
Options:
A) provides permanent records for all financial transactions
B) is futuristic in nature
C) accpets responsibility for all wrong postings
D) does not give room for double entry procedures
Show Answer
The correct answer is A .