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The effect of transaction when cash is paid into the bank is?
Which of the following concepts recognizes the principle of double entry?
Subscription in advance is treated in the balance sheet as a
Factory overheads are also known as
Given:
I. Cash refunds
II. Debit note issued
III. Dishnoured cheque
IV. Purchases
The item on the credit side of purchase ledger control account includes
Another name for control accounts is
Which of these is not a subsidiary books?
The accounting system in which only one aspect of transaction is recorded is
Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cash book
The features of receipts and payment account includes:
One of the options below is not the source of income for non - profit organization
In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of
The purchases ledger control account is also known as
Stock (Jan 1) 2600
Purchases 4000
Carriage inwards 500
Sales 9000
Carriage outwards 500
Determine the net profit
Changes in the profit sharing ratio may occur as a result of
I. skill contributed by partners
II. health status
III. old age
IV. Intangible asset increase
Which of the following is not charged to manufacturing account?
An advantage of FIFO method of stock valuation is that
Which of these is the main source document for recording cash paid into bank?
The discount column on the left-hand side of cash book represents a discount
Accounting entry for dissolution expenses is
Which of the following is found on the credit side of a profit and loss account?
Profit expressed in relation to cost of goods sold is
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
A part of public company's profit belonging to the shareholders is
Bello withdraws cash from bank to office, this is called ---------- entry
The account where the profit are distributed to the partner in their profit sharing ratio in partnership
The use of three column cash book is determined by
Plant and Machinery 190000
Motor Vehicle 170000
Stock 60000
Current Liabilities 50000
Purchase consideration 40000
The goodwill is?
Capital for a profit making organization is generated through
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
| Drawings: | ₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital | |
| Dairo | 120000 |
| Segun | 60000 |
- Interest on drawings 10%
- Interest on capital 5%
- Profit for the year ₦36,000
- Salary: Segun ₦10,000
The interest on Dairo's drawings is
The following was extracted from the books of MEGA COMPANY NIG. LTD
| ₦ | |
| Trade debtors | 350,000 |
| Fixtures and fittings | 600,000 |
| Cash at bank | 25,000 |
| Cash in hand | 5,500 |
| Trade creditors | 116,500 |
| Bank overdraft | 7,500 |
| Building | 950,000 |
| Motor van | 35,000 |
The working capital of the company is
| Manufacturing wages | 42,000 |
| Factory rent | 880 |
| Raw materials: Stock 1/1/16 | 1,000 |
| Purchases | 16,000 |
| Stock 31/12/16 | 1,400 |
| Depreciation of Plants and Machinery | 800 |
| Royalties | 300 |
| Indirect wages | 18,000 |
| General indirect expenses | 620 |
What is the value of the indirect manufacturing cost?
One of the options below have the same features as the profit and loss account in non-profit organization
Which of the following has the ultimate control of a company?
Which of the following expenses is *not* apportined in proportion to turnover?
| Bal. b/f | 3,250 | Bal. b/f. | 215 |
| Sales | 19,075 | Bank | 16,387.50 |
| Dishonoured cheque | 625 | Discount | 862.50 |
| Stopped cheque | 250 | Returns inwards | 325 |
| Bal c/d | 230 | Set off | 900 |
| Bal c/d | 4740 | ||
| 23,430 | 23430 | ||
| Bal b/d | 4740 | Bal b/d | 230 |
Dr. Sales Ledger Control Account . Cr
The amount ₦16,378.50 described as "Bank" represents
The authority warrant issued prior to the approval of the appropriate bill at the beginning of the year
The journal has the following headings except
Salaries in arrears is treated in the balance sheet as a
Which of the following is recorded in the folio column of the journal?
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
| ₦ | |
| Net profit for the year | 90,000 |
| Interim dividends paid: | |
| Ordinary shares | 25,000 |
| Profit and loss appropriation b/f | 10,000 |
| Goodwill written off | 1,000 |
At the end of the period, what is the balance of the profit and loss appropriation account?
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