Financial Accounting — 2010

Which of the following is not an external user of accounting information?

A trial balance is prepared to

Which of the following is the reason why a seller allows a customer cash discount?

A ledger is a

Which of the following is not found in a trial balance?

Use the following information to answer the question given \(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\) Cash balance at 5/1/08 is

Use the following information to answer the question given \(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\) Balance in Purchases account at 5/1/08 is

Use the following information to answer the question given \(\begin{array}{c|c} \text{Jan. 1} & \text{₦}\\ \hline \text{1/1/08 Capital introduced by cash} & 50,000 \\ \text{2/1/08 Bought goods for retail by cash} & 10,000\\ \text{3/1/08 Sold fixtures by cash} & 5,000\\ \text{4/1/08 Sold goods to Lagbaja on credit} & 3,000\\ \text{5/1/08 Bought goods on credit from Tamedu}& 8,000\end{array}\) Balance in the Capital Account at 5/1/08 is

Where a wrong figure occurs in only one account with the second figure correctly stated, this is an error of

Which of the following is added to the proprietor's capital?

The balance in a sales Ledger Counter Account indicates the

A temporary difference of bank occurs in only one account with the second figure stated, this is an error of

In the preparation of bank reconciliation statement cheque are

Which of the following is found in the general ledger?

Use the following information to answer the given question \(\begin{array}{c|c} \text{1/1/06 Debtors} & D2,600\\ \text{1/1/06 Provision for bad debts} & D60\\ \text{31/12/06 New provision provision for bad debts} & \text{5% on debtors}\end{array}\) What is the amount of the new provision for bad debts?

Use the following information to answer the given question \(\begin{array}{c|c} \text{1/1/06 Debtors} & D2,600\\ \text{1/1/06 Provision for bad debts} & D60\\ \text{31/12/06 New provision provision for bad debts} & \text{5% on debtors}\end{array}\) The provision for bad debts in the profit and loss account is

Sales was D12,500, total expenses was D2,500 and net profit is 10% of sales what is the gross profit? net profit = 0.1 x 12500 = 1250 gross profit = sales - cogs net profit = gross profit - expenses 1250 + 2500

Which of the following is the equivalent of the receipts payment accounts?

Subscriptions received in advance are

Where records maintained are inadequate to facilitate the preparation of a trading and profit and loss accounts, this is described as

Bad debts written off is shown as

The balance of the sales ledger control account represents

Use the following information to answer given question \(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor's salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\) The value of raw material consumed is

Use the following information to answer given question \(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor's salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\) The prime cost is

Use the following information to answer given question \(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{Purchases of raw materials} & 129,640\\ \text{Carriage on raw materials} & 10,000\\ \text{Closing stock of raw materials} & 45,000 \\ \text{Factory supervisor's salary} & 30,000\\ \text{Wages of factory hands} & 50,000 \\ \text{Royalties paid}& 18,000\\ \text{Insurance of factories} & 62,000\\ \text{Work-in-progress(opening)} & 23,000 \\ \text{Raw material returned} & 12,200\end{array}\) The total overhead expenses is

The accounting principle that states that insignificant expenditures are not to be taken into account is the

The realization concept states that

Where fixed capitals are maintained, partners' drawings are transferred to the

The method that provides a reliable check upon cash and stock at the branch and discloses the gross profit in the account is

A partners whose liability goes beyond his capital is known as

Use the following information to answer the given question, Aba and Baba are partners who agreed to share profits and losses in the ratio 4 : 3 respectively. Extracts from their books for the year ended 31/12/08 are: \(\begin{array}{c|c} & \text{ABA} & \text{BABA} & \text{TOTAL}\\ & ₦ & ₦ & ₦ \\ \hline \text{Capital} & 20,000 & 15,000 & 35,000 \\ \text{Drawings} & 2,520 & - & 2,520 \\ \text{Interest on drawings} & 504 & - & 504\\ \text{Interest on capital} & 2,000 & 1,500 & 3,500 \\ \text{Net profit 31/12/08} & - & - & 34,636\end{array}\) Aba's share of profit is

Carriage inwards is shown on the

The accounting treatment when goods are sent to branch at a cost is, debit branch stock account and credit

The document prepared for the disbursement of government fund is

A financial plan of action expressed in monetary terms is a/an

Which of the following reserves is not used for bonus shares?

When shares are sold 'at par' it means they are issued at

Which of the following does not form part of shareholders fund?

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le, 2,400 were owed and Le 8,000 were paid. Using the information, the wages recorded in the balance sheet as at 30/6/08 is

The collection and organization of data is

On 1/7/07, a trader owed wages of Le 2,000. During the year ended 30/6/08, wages of Le 2,400 were owed and Le 8,000 were paid. Using the information, wages recorded in the balance sheet as at 30/6/08 is

Money received from a customer is recorded in the customer's account and bank account; the accounting concept applied is

The amount for which a business is sold is that

Which of the following is a prime cost?