Financial Accounting — 2003

An unfavourable balance of trade for a country means that her?

A chain store is known as?

The transformation of pieces of information into a more useful format is

The document which advertises the sale of shares of a company is a/an

Which of the following is not an externally visible part of a computer?

Which of the following is the responsibility of a local government?

The procedure for utilizing the savings from one sub-head of expenditure to pay for another under the same head is

Patient and trade marks are classified under

Use the following information to answer the given question. \(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\) The amount available as dividend to ordinary shareholders is

Use the following information to answer the given question. \(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\) Preference dividend for the year is

Use the following information to answer the given question. \(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\) Dividend per ordinary share is

Which of the following is the basis for apportioning rent among departments?

Which of the following brings a company into legal existence?

Which of the following documents set out the internal regulations of a partnership?

\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\) The divisible profit for the year

\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\) Ojo's share of profit for the year is

\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year - Ojo} - \frac{2}{3} & & Aina - \frac{1}{3} \end{array}\) Aina's current account balance is

The accounting concept that supports the application of double entry book-keeping is the

Which of the following is a limitation of the money measurement concept?

The account that shows both the cash and bank transactions of an enterprise is

A control account is

In a not-for-profit making organization, the cash book is summarized in the form of

Which of the following is found in a receipts and payments account?

Using the following information, \(\begin{array}{c|c} & ₦ \\ \hline \text{club house} & 375,000\\ \text{Furniture} & 250,000\\ \text{Sport kit} & 400,000 \\ \text{subscriptions prepaid} & 10,000\\ \text{Bar creditors} & 156,000 \\ \text{subscriptions owing} & 45,000\end{array}\) What is the club's accumulated fund?

Which of the following is not a credit item in the sales ledger control account?

Which of the following items is found on he credit side of a sales Ledger Control Account?

Use the following information to answer the given question \(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\) Purchases for the year was

Use the following information to answer the given \(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\) Cost of sales for the year was

The cost of raw materials consumed is determined in the Manufacturing Account as

Rent owing by a business is shown in the

Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?

Which of the following is an item of prime cost?

Use the following information to answer question, \(\begin{array}{c|c} & ₦\\ \hline \text{Opening stock} & 40,000\\ \text{Purchases} & 130,000\\ \text{Closing stocks} & 32,000 \\ \text{sales} & 180,000\end{array}\) What was the cost of goods sold?

Use the following information to answer question, \(\begin{array}{c|c} & ₦\\ \hline \text{Opening stock} & 40,000\\ \text{Purchases} & 130,000\\ \text{Closing stocks} & 32,000 \\ \text{sales} & 180,000\end{array}\) What was the gross profit?

The opening balance of debtors is N100,000 and that of provision for doubtful debts is N1,000. If provision is to at \(\frac{1}{2}\)% of debtors, how much would be charged in the profit and loss account?

Which of the following source documents is used for recording goods and returned to suppliers?

In which of the following is purchase of fixed assets on credit first recorders?

In which ledger is the account of yao, a debtor found?

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was

A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The net book value at the time of sale was

Which of the following errors would affect the agreement of the agreement of the trial balance totals?

Debtors value as at 1st January 2000 was N40,000. Bad debts written off during the year was N5,000 provision for bad debt was 5%. The amount debited to profit and loss account as provision for the year was

Which of the following items is found in the credit column of the trial balance?

Which of the following is not a source document?

Use the following information to answer the given question \(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 18,000\\ \text{Dishonored cheques} & 1,200 \\ \text{Bank charged} & 300 \\ \text{Unpresented cheques} & 2,400\end{array}\) The adjusted cash book balance is

Which of the following transactions is posted to the nominal ledger?

Which of the following is a real account item?

Use the following information to answer the given question \(\begin{array}{c|c} & ₦ \\ \text{Balance as per cash book} & 18,000\\ \text{Dishonored cheques} & 1,200\\ \text{Bank charged} & 300\\ Unpresented cheques} & 2,400\end{array}\) The balance as per statement is

The purchase of a typewriter for office use was debited to purchases Account. This is an error of

Which of the following has multiple uses?

The art of recording transactions in books of account is known as

Rent Payable Account is an example of a