Bookkeeping — 1998

The claim on the assets of a business by outsiders is classified as

Which of the following transactions will increase business assets.

Purchase of machine of #50,000 was debited to purchase account,This is an error of ?

The accounting treatment for each withdrawn by the owner of a business for private use is?

The source document used to prepare the purchases day book is?

A balance sheet shows

Discount received is posted on the credit side of

Matching concept in accounting is the basis of

Use the following information to answer questions 10-12 A motor vehicle bought for #1,600,000 was estimated to have a useful life span of 4 years and a residual value of #200,000. The straight line method of calculating depreciation is used.The motor vehicle is sold at the end of the fourth year for #250,000. The net value book value of the end of the fourth year is

The accumulated depreciation at the end of the second year is 350,000 × 2 = 700,000

The asset disposal account at the end fo the third year is

The amount earned but is yet to be received at the end of the financial period is

The method of stock valuation which overstates profit during inflation is

An item recorded in the debit side of the trial balance is

Prepayments are shown in the balance sheet as

A petty cashier has a cash float of #53,000 and #38,600 was spent,the reimbursement would be

A person whom a business owes for the goods or service supplied by him is the

Purchases for #12,960 was recorded in the day book as #12,690. This is an error of

Which of the following features describe a receipts and payments account i it is a nominal account ii it contains only items of revenue iii it is a real account iv it records capital expenditure items

Sales of goods to the value of N500 was debited to Ade instead of Adu, The journal entry for correcting this error is debit

The book of original entry for recording cash sales is

A self balancing ledger is

Subscription in advance is treated in the balance sheet as an item under

The net sales is

The cost of goods available for sale is

The gross profit is

The word limited written after the name of a company means that the.

Use the diagram above to answer the questions The letter X represents.

The letter Y represents

Which of the following factors can make an entrepreneur successful?

The excess of the assets of a business over its liabilities is

The three column cash book differs from the two column cash book in that it has