Financial Accounting — 1997

A suspense account is used to

To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?

Subscription in advance is treated in the Balance sheet of non-profit making organizations as

A sales day book is used to record

Which of the following is not a capital expenditure to a local government?

A Receipt and Payments Account reveals

An example of appropriation of profit in a company is

In a partnership goodwill is recognized when

Which of the following is a normal account?

Use the following information to answer this question An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995. The net book value at the time of sale was

Use the following information to answer this question An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995. Accumulated depreciation at the time of sale was

Use the following information to answer this question An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995. The profit on sale was

In Manufacturing Account, prime cost plus factory overhead is known as

Which of the following is an advantage of the impurest system?

Where a business is purchased, the full amount of the purchase consideration is credited to

A financial plan of action expressed in monetary terms is known as

Which of the following is not a source document for recording sales?

Use the following information to answer this question A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods The mark-up is

Use the following information to answer this question A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods The double entry required for the mark-up is debit Branch

A ledger is a

A real account is the account of

An item is fictitious because it

Which of the following is not a personal account?

A provision is

A cash discount is a

Use the following information to answer the given question Kudi Local Government Council incurred the following expenditure in 1995: \(\begin{array}{c|c} & N \\ \hline \text{Payment of salaries} & 140,000 \\ \text{Purchase of drugs for dispensaries} & 80,000 \\ \text{Purchase of books for Library} & 30,000 \\ \text{Sinking of wells} & 70,000 \\ \text{Extension of Council offices} & 160,000 \end{array}\) The amount of capital expenditure for 1995 was

Use the following information to answer this question Kudi Local Government Council incurred the following expenditure in 1995: N Payment of salaries 140,000 Purchase of drugs for dispensaries 80,000 Purchase of books for Library 30,000 Sinking of wells 70,000 Extension of Council offices 160,000 The amount of revenue expenditure for 1995 was

An expense becomes an accrual because it

The amount for which a business is sold is known as

The person who is responsible for the formation of a company is called the

The amount of a company's profit given to a shareholder is known as

Which of the following best described the path of a transaction?

Where there are no proper books of account , the capital at the commencement of a period is ascertained by preparing

Rent receivable is a

Which of the following is a factory overhead?

Use the following information to answer this question A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent. The purchase consideration was

Use the following information to answer this question A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent. The amount of goodwill was

When a share is sold for less than its nominal value, the difference is called

Which of the following serves the same purpose as a Trading Account?

Which of the following is not a revenue receipt?

Use the following to answer the given question Creditors Control Account: \(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balance b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\) How much "X" ?

Use the following to answer the given question Creditors Control Account: \(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\) "Y" represents

Use the following to answer the given question Creditors Control Account: \(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balanxe b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\) The balance of 450 in the above accounts represents

Use the following information to answer the given question Kudi Local Government Council incurred the following expenditure in 1995: \(\begin{array}{c|c} & N \\ \hline \text{Payment of salaries} & 140,000 \\ \text{Purchase of drugs for dispensaries} & 80,000 \\ \text{Purchase of books for Library} & 30,000 \\ \text{Sinking of wells} & 70,000 \\ \text{Extension of Council offices} & 160,000 \end{array}\) The amount of revenue expenditure for 1995 was

use the following information to answer the given question \(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & \text{-Salaries} & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\) Additional Information (i) No closing stock (ii) Common expenses are to be shared in the ratio sales The net profit of Footwares Department is

use the following information to answer the given question \(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & -Salaries & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\) Additional Information (i) No closing stock (ii) Common expenses are to be shared in the ratio sales The profit of the Stationery Department is

use the following information to answer the given question \(\begin{array}{c|c} \text{Opening stock} & \text{- Footwears Department} & N800 \\ & \text{- Stationary Department} & N600 \\ Purchases & \text{- Footwears Department} & N1,600 \\ & \text{- Stationary Department} & N2,800 \\ \text{Wages of shoe packers} & & N600 \\ & -Salaries & N1,200 \\ & \text{-Footwares} & N4,000 \\ Sales & \text{- stationery} & N6,000\end{array}\) The cost goods for the stationery is

Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows: \(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\) The amount of income credited to Income and Expenditure Account for the year was

Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows: \(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\) The total expenses debited to Income and Expenditure Account for the year was

Use the following information to answer the given question. The Receipts and Payments Account of Acada Club for the year ended 31st December, 1995 is as follows: \(\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/f} & 800 & \text{Printing and stationery} & 320 \\ Subscriptions & 3,600 & \text{Postages and Telephone} & 160 \\ \text{Donations} & 650 & Rent & 1,200 \\ \text{Dace tickets} & 1,200 & \text{Library books} & 2,500 \\ & & \text{Anniversary dance expenses} & 945 \\ & & \text{balance c/d} & 1,125\\ & \overline{6,250} & & \overline{6,250} \end{array}\) The capital expenditure of the club for the year was