Financial Accounting — 2011

The two fundamental books of accounting are

Which of the following is a capital expenditure?

Expenses accured at the end of the accounting year is treated in the balance sheets as

Another name for owner's equity is

The reduction in value of goodwill is

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

When a transaction is completely left out from the books, it is an error of

Which of the following is not a subsidiary book?

In departmental accounts, rent is appointed on the basis of

Which of the following errors will affect the totals of a trial balance?

The document used in government accounting to shoe evidence of cash receipt and payments is the

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Okoro's share of the profit is

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, Osula's interest on drawings is

Okoro and Osula are in partnership sharing profits and losses in the ratio 3 : 2 respectively. Their respective capital were ₦7,000 and ₦5,000. Interest on capital was 5% and interest on drawings was 10%. The net profit was ₦30,000.Using the following information, The total interest on capital is

Which of the following is a subsidiary book?

Goods returned by the buyer is recorded in the seller's book as

The method of ascertaining capital from income record is by preparing the

A petty cashier operates with an imprest of D1,000 per week. At the end of the week he had disbursed D920. How much is needed to restore the imprest?

Accumulated fund is also referred to as

Subscriptions owed by members of a club is a/an

The document from which entries are transferred to the purchases day book is the

Prime cost is derived by adding i. cost of raw materials consumed ii. indirect expenses iii. direct labour iv. factory expenses v. work-in-progress vi. direct expenses

A bookkeeper debited Motor Vehicle Account instead of Motor Expenses Account. This is an error of

John received a cheque from Dawda, a debtor, in payment for goods purchased by Dawda on credit. The transaction will be recorded in john's

The total value received by company as consideration for shares issued constitutes

Use the following information to answer the given question. \(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\) Cost of production is

Use the following information to answer the given question. \(\begin{array}{c|c} & ₦\\ \hline \text{Prime cost} & 4,000\\ \text{Factory overheads} & 6,000\\ \text{Stock on 1/1/09 work-in-progress} & 1,000\\ \text{Stock on 31/12/09 work-in-progress} & 2,000 \\ \text{Returns inwards} & 800 \\ \text{Sales} & 20,000\end{array}\) Net sales for the period is

The going concern concept assumes that

The first calculating machine in data processing was

Which of the following is not a purpose for which share premium may be utilized?

A debenture is

The concept which deals with the exclusion of trivial items in the accounting records is

Which of the following is not an example of capital reserve?

Goods sent to branch are recorded in the head office's books at i. selling price ii. cost price plus makeup percentage iii. cost price

computer memory sizes are measured in

Rent owed by a department is treated in the Balance sheet as

When shares are issued to the public and the issuing company has not requested for payments, it is referred to as

The diagrammatic representation of the workings of the computer program is

Use the following information to answer the given question. OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT \(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\) Net sales is

Use the following information to answer the given question. OGOGO'S SALES LEDGER LEDGER CONTROL ACCOUNT \(\begin{array}{c|c} & D & & D \\ \text{Balance b/d} & 25,180 & \text{Discount allowed} & 1,936 \\ \text{Sales} & 43,220 & \text{Sales returns} & 1,884\\ \text{Dishonored cheque} & 542 & \text{Cash received from customers} & xxx \\ & & \text{Balance c\d} & 5,122 \\ & \overline{68,942} & & \overline{68,942} \end{array}\) the total cash received from customer is

The process of recording financial transactions of government is

The bank statement shows a debit balance of Le 475. After the entry of an uncredited of Le Le 800, the new balance is

The business entity concept

Which of the following is not used in Public accounting?

The concept which states that assets are not to be recorded at their current market value is

Provision for depreciation on delivery van is charged to

Which of the following date lines is correct for a profit and loss account?