Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.
-
Question 21:
Gross profit in the branch adjustment account is transferred to the branch____________
Options:
A) Income and expenditure account
B) profit and loss account
C) receipt and payment account
D) trading account
Show Answer
The correct answer is B .
-
Question 22:
Given:
Sales Ledger Control Account (Extracts)
Balance b/f ₦10,600
Total cash payments by debtors ₦32,275
Total credit sales ₦59,193
Discount received ₦9,700
Balance c/f ₦20,751
Discount allowed ₦2,890
Determine the sales returns?
Options:
A) ₦24,577
B) ₦13,877
C) ₦7,067
D) ₦2,890
Show Answer
The correct answer is B .
-
Question 23: The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?
Options:
A) debtors' account
B) trading account
C) expenses account
D) cash account
Show Answer
The correct answer is D .
-
Question 24: Under which of the following conditions is a partnership dissolved?
Options:
A) Change of partnership's head office
B) admission of a new partner
C) Purchase of a large quantity of fixed asset
D) Retirement of a manager who is not a partner
Show Answer
The correct answer is B .
-
Question 25:
Given:Balance as per cash book...................₦20,000
Unpresented cheques........................₦5, 200
Direct credit to the bank..................₦1, 000
Direct debit from the bank.................₦1, 000
Credit in the cash book....................₦500Calculate the balance as bank statement at the end of the year?
Options:
A) ₦24,700
B) ₦25,200
C) ₦26,200
D) ₦27,700
Show Answer
The correct answer is A .
-
Question 26:
The accounting entries for goods stolen in branch will be to debit
Options:
A) profit and loss account and credit branch stock account
B) branch stock account and credit branch adjustment account
C) branch adjustment account and credit profit and loss account
D) branch adjustment account and credit branch stock account
Show Answer
The correct answer is A .
-
Question 27: The accounting entries to record a cheque issued by a business is to
Options:
A) debit cash book and credit drawer
B) credit cash book and debit drawer
C) debit cash book and credit suspense account
D) credit cash book and debit suspense account
Show Answer
The correct answer is B .
-
Question 28:
Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is
Options:
A) realisation concept
B) entity concept
C) going concern concept
D) matching concept
Show Answer
The correct answer is B .
-
Question 29:
Use the information below to answer questions
Balance as per cash book................₦13560
Unpresented cheques.....................₦5120
Uncredited lodgements...................₦2300
Dividend received not entered
In the cash book........................₦2000
Bank charges............................₦280
Standing order payments.................₦600
Balance as per bank statement............?
What is the adjusted cash book balance?
Options:
A) ₦14 680
B) ₦15 560
C) ₦16 440
D) ₦17 000
Show Answer
The correct answer is A .
-
Question 30: Departmental accounts are prepared to aid the comparison of the?
Options:
A) previous year's transactions
B) daily profits
C) workers' performances
D) management performances
Show Answer
The correct answer is C .