Financial Accounting — 2006

The art of collecting, recording, presenting and interpreting accounting data is

The depreciation method in which the number of years of the useful life of an asset is allocated in a reverse order is

A system where a separate cash book is maintained for small payments is

Public sector accounting is practiced in

A book that contains the account for the financial transactions of an organizations is the

A sales ledger contains

The basis of accounting which eliminates debtors and creditors is

Which of the following is not a revenue account?

Use the following information to answer the given question \(\begin{array}{c|c} & ₦ \\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\) If no profit is to be retained, proposed preference shares dividend is

Use the following information to answer the given question \(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\) The dividend per ordinary shares for the year is

Use the following information to answer the given question \(\begin{array}{c|c} & ₦\\ \hline \text{ordinary shares of ₦1 each} & 500,000\\ \text{8% preference shares of ₦1 each} & 200,000\\ \text{Interim dividends paid} & \\ \text{- ordinary shares} & 40,000\\ \text{-preference shares} & 12,000\\ \text{profit for the year} & 100,000\end{array}\) The dividend per ordinary shares for the year is

A customers who returns goods to the supplier because they are detective is issued a

Cross referencing among different books of accounts is achieved with the use of

In company accounts, profit after tax is shared in the

Which of the following is not a source of revenue to a government?

Use the following information to answer the given question. \(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\) Profit for the year before 5% interest on capital was D18,000. Ebima's share was

Use the following information to answer the given question. \(\begin{array}{c|c} & Ebrima & Jaiteh\\ & D & D \\ \hline Capital & 2,000 & 10,000\\ Drawings & 2,400 & 10,000\\ Salary & - & 900\\ \text{Profit sharing ratio} & \frac{3}{5} & \frac{2}{5}\end{array}\) Profit for the year before 5% interest on capital was D18,000. Jaiteh's share of profit was

Whatever is fed into the computer is exactly what would be processed and produced as output. This is the concept of

Bank reconciliation statement reconciles

The unit which keeps government's books of accounts is the

A customers who returns goods to the supplier because they are detective is issued a

Which of the following is not a debit item in a partnership appropriation account?

Use the following information to answer the given question \(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\) Accumulated fund at the beginning of the year was

Use the following information to answer the given question \(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\) Subscriptions credited to the Income and Expenditure Account was

Use the following information to answer the given question \(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\) The excess of income over expenditure for the year was

Revenue is recognized in the profit and loss account as soon as a

"A business unit is assumed to operate into foreseeable future and earn reasonable net income". This statement is emphasized by the concept of

Which of the following is not used in solving problems of incomplete records?

In a system of incomplete records, the opening capital is determined by preparing

Use the information to answer the given question. \(\begin{array}{c|c} & D\\ \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\) Cost of raw materials consumed is

Use the information to answer the given question. \(\begin{array}{c|c} & D\\ \hline \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\) Prime cost is

Use the information to answer the given question. \(\begin{array}{c|c} & D\\ \hline \text{Opening stock: raw materials} & 10,000\\ \text{work-in-progress} & 16,000\\ \text{Purchases of raw materials} & 95,000\\ \text{Direct labour wages paid} & 13,500\\ \text{Royalties paid} & 6,200\\ \text{Accrued wages} & 2,800\\ \text{Closing stock: raw materials} & 7,500\\ \text{work in progress} & 8,500\\ \text{Manufacturing overhead} & 10,000\end{array}\) Cost of goods manufactured is

A set of instruments fed into a computer for accomplishing a given task is a/an

Control accounts are also known as

Which of the following is charged to trading account?

Which of the following is not a debit item in a creditor's control account?

Use the following information to answer the given question \(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)

Using the reducing balance method, the depreciation charged for year 2002 was Use the following information to answer the given question \(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\) Using the straight reducing balance method, the depreciation charged for year 2002 was

Using the reducing balance method, the depreciation charged for year 2002 was Use the following information to answer the given question \(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\) Using the reducing balance method, the depreciation charged for year 2003 was

Which of the following is not a revenue expenditure?

The amount allowed off the cost price of an article to stimulate patronage is

Which of the following columns of a three column cash book are memoranda? i. Discount ii. Discount allowed iii. Cash iv. Bank

Where the head office maintains all books of account, goods sent to branch is credited to

Which of the following is a journal as well as an account?

Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hline \text{Balance as peer cash book} & 8,400\\ \text{Banking charges} & 300 \\ \text{standing order paid} & 2,500 \\ \text{Unpresented cheques} & 2,800 \end{array}\) The adjustment cash book balance is

Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hline \text{Balance as peer cash book} & 8,400\\ \text{Banking charges} & 300 \\ \text{standing order paid} & 2,500 \\ \text{Unpresented cheques} & 2,800 \end{array}\) The balance as per bank statement is

Which of the following is not a purpose for preparing departmental accounts? To

Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hline \text{Rent accrued 1st January, 2005} & 600\\ \text{Rent paid in 2005} & 11,300\\ \text{Rent prepaid 31st December, 2005} & 500\end{array}\) Rent expenses for the year 2005 is

Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hline \text{Rent accrued 1st January, 2005} & 600\\ \text{Rent paid in 2005} & 11,300\\ \text{Rent prepaid 31st December, 2005} & 500\end{array}\) Which of the following is not classified as an overhead?