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 821: When there is no basis of apportionment in an organization, the expenses should be apportioned based on
Options:
A) sales
B) purchases
C) equality
D) floor space
Show Answer
The correct answer is C .
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Question 822: When shares are sold at more than the per value, they are said to have been issued at
Options:
A) A premium
B) Normal value
C) A discount
D) A profit
Show Answer
The correct answer is A .
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Question 823:
Accounting entry for dissolution expenses is
Options:
A) Dr : Partnership account ;Cr: Realization account
B) Dr: Revaluation account; Cr: Partnership account
C) Dr: Realization account; Cr: Cash account
D) Dr: Partners current account; Cr: Realization account
Show Answer
The correct answer is C .
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Question 824:
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 .
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Question 825:
Udoh Trading Company
Balance Sheet as at 31st December, 1992
| | N | | N |
| Capital | 39 000 | Land | 20 000 |
| Long term loan | 15 000 | Building | 30 000 |
| Creditors | 9 000 | Stock | 4 000 |
| | | Debtors | 6 000 |
| Accrued wages | 5 000 | Cash | 8 000 |
| | 68 000 | | 68 000 |
What is the working capital?
Options:
A) ₦12 000
B) ₦11 000
C) ₦8 000
D) ₦4 000
Show Answer
The correct answer is D .
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Question 826: 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 827: Use the information below to answer question .Adamu Stores bought accessories from Mu'azu Beverages for ₦400 on credit. A trade discount of 10% and a cash discount of 15% were provided.Find the total amount paid?
Options:
A) ₦260
B) ₦300
C) ₦200
D) ₦380
Show Answer
The correct answer is B .
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Question 828: The correct entries to record goods transferred to branch from head office is to debit?
Options:
A) branch stock account and credit goods sent to branch account
B) branch supplies account and credit branch stock account
C) branch stock account and credit purchases account
D) goods sent to branch account and credit branch stock account
Show Answer
The correct answer is A .
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Question 829:
A limited liability company has an authorized share capital of ₦50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued
What is the issued capital
Options:
A) ₦40
B) ₦48
C) ₦50
D) ₦80
Show Answer
The correct answer is B .
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Question 830: When a partner makes a drawing of stock items from a partnership, the accounting impact of the drawing is to increase the partner's?
Options:
A) goodwill account balance
B) current account credit balance
C) current account debit balance
D) profit and loss credit balance
Show Answer
The correct answer is C .