Which of the following is NOT an iterm of trial balance
a.
Bank
b.
Prepayment
c.
Insurance
d.
Stocks >>>>>>>>>>
An amount of money paid by an entity in an Accounting period for which the benefits are expected to derive in future is called;
a.
cost
b.
Prepared expenses >>>>>>>>>
c.
Arrears
d.
Bad debt
Adding up error can be reftered to as;
a.
Casting >>>>>>>>>
b.
commision
c.
Ommission
d.
Transposition
Those expenses incured by an entity in a current accounting period but has not been paid for is called;
a.
Commission
b.
Stock
c.
Accrued expenses >>>>>>>>>
d.
Profit
How is a bank overdraft classified in the statement of financial position?
a.
Non-current Liability
b.
Non-current Asset
c.
Current Liability >>>>>>>
d.
Current Asset
Each of the following is a qualitative characteristics of financial information EXCEPT
a.
Relevance
b.
Reliability
c.
Completeness
d.
Going Concern >>>>>>>>>>>
Which of these is an iterm of profit and loss account
a.
Gross profit >>>>>>>>>>>
b.
Goods for sale
c.
purchases
d.
Transportation
The group of accounting information users charged with achieving the goals of the business is its
a.
Accountants
b.
Investors
c.
Employees
d.
Management >>>>>>>>>>
An expense paid for in which their benefits relate to one future accounting year is known as;
a.
Excesses
b.
Investment amount
c.
Prepayment >>>>>>>>>>
d.
Arrears
Research is the way in which we acquire dependable and useful information about
a.
Very difficult problems
b.
Everyday life process
c.
Abstract things
d.
Just anything >>>>>>>>>>> XXXXXXXXX
Which of the following is an advantage of control account. >>>>>>>>>>
a.
It is a useful instrument of fraud prevention and control.
b.
It helps in preparing trading account.
c.
It shows the expenditure of the entity.
d.
It is useful in punishing frausters.
if a business venture bought machinery for N450,000 with payment of N300,000 and the balance on account due in one year which one should be debited?
a.
Machinery Account >>>>>>>>>>
b.
Capital Account
c.
Accounts Payable
d.
Cash Account
A period of time in which a non-current assets is expected to generate benefit to the entity that acquires it is called;
a.
Depreciation
b.
Profit
c.
Useful life of an assets >>>>>>>>
d.
Income
The difference between the sales revenue and cost of sales is knomn as ;
a.
Net profit
b.
Gross raw materials
c.
Gross profit >>>>>>>>>
d.
Receivables
An entity bought a motor vehicle for N100,000 paid for by cheque and the amount was posted to motor vehicle account but omitted from the bank account. In order to correct this error,
a.
Dr cash account and Suspense account
b.
Dr Suspense account and Cr Bank account >>>>>>>>>>>
c.
Dr cash account and Cr Suspense account
d.
Dr Bank account and Cr Suspense account
The cheques in which an entity may issue to the third party and have been credited to the cash book but not yet debited by the bank in the bank statement because the bearers have not presented them to the bank for payment is known asÉÉ.
a.
Error cheques
b.
Uncredited cheques
c.
Unpresented cheques >>>>>>>>>>>
d.
Dishonoured cheques
One among the following is an example of wasting assets;
a.
Wood
b.
Plants
c.
Trees
d.
Oil >>>>>>>>>>>
All of these are errors that do not affect the trial balance except
a.
compensating error
b.
error of commission
c.
Transposition error >>>>>>>>
d.
error of omission
A general journal records transactions according to the manner in which they will be posted to the respective______________
a.
Account >>>>>>>>>>>
b.
Ledger
c.
Credit
d.
Debit
On 1st July 2020, Makela had accounts receivable of N50,000 on which he had made an allowance of 2%. During the financial year, the following information emerged: (i) Debt N2,000 owed by Ian only realised N700 and the balance declared bad (ii) Other bad debts written off during the year amounted to N4,300 (iii)Bad debts written off in 2019 now recovered N800 (iv) Accounts receivable balance as at 30th June 2021 is N58,500 before adjusting for: a. Trade debt of N1,800 owed by Morgan is certified uncollectible b. A number of cheques for N3,200 received from debtors were dishonoured by the banks c. Allowance of doubtful debts at 4%. What is the value of bad debt recovered?
a.
N233.83
b.
N660
c.
N1,881 >>>>>>>>>>
d.
N840
Which of the following is NOT an iterm of trial balance
a.
Bank
b.
Prepayment
c.
Insurance
d.
Stocks >>>>>>>>>>
An amount of money paid by an entity in an Accounting period for which the benefits are expected to derive in future is called;
a.
cost
b.
Prepared expenses >>>>>>>>>
c.
Arrears
d.
Bad debt
Adding up error can be reftered to as;
a.
Casting >>>>>>>>>
b.
commision
c.
Ommission
d.
Transposition
Those expenses incured by an entity in a current accounting period but has not been paid for is called;
a.
Commission
b.
Stock
c.
Accrued expenses >>>>>>>>>
d.
Profit
How is a bank overdraft classified in the statement of financial position?
a.
Non-current Liability
b.
Non-current Asset
c.
Current Liability >>>>>>>
d.
Current Asset
Each of the following is a qualitative characteristics of financial information EXCEPT
a.
Relevance
b.
Reliability
c.
Completeness
d.
Going Concern >>>>>>>>>>>
Which of these is an iterm of profit and loss account
a.
Gross profit >>>>>>>>>>>
b.
Goods for sale
c.
purchases
d.
Transportation
The group of accounting information users charged with achieving the goals of the business is its
a.
Accountants
b.
Investors
c.
Employees
d.
Management >>>>>>>>>>
An expense paid for in which their benefits relate to one future accounting year is known as;
a.
Excesses
b.
Investment amount
c.
Prepayment >>>>>>>>>>
d.
Arrears
Research is the way in which we acquire dependable and useful information about
a.
Very difficult problems
b.
Everyday life process
c.
Abstract things
d.
Just anything >>>>>>>>>>> XXXXXXXXX
Which of the following is an advantage of control account. >>>>>>>>>>
a.
It is a useful instrument of fraud prevention and control.
b.
It helps in preparing trading account.
c.
It shows the expenditure of the entity.
d.
It is useful in punishing frausters.
if a business venture bought machinery for N450,000 with payment of N300,000 and the balance on account due in one year which one should be debited?
a.
Machinery Account >>>>>>>>>>
b.
Capital Account
c.
Accounts Payable
d.
Cash Account
A period of time in which a non-current assets is expected to generate benefit to the entity that acquires it is called;
a.
Depreciation
b.
Profit
c.
Useful life of an assets >>>>>>>>
d.
Income
The difference between the sales revenue and cost of sales is knomn as ;
a.
Net profit
b.
Gross raw materials
c.
Gross profit >>>>>>>>>
d.
Receivables
An entity bought a motor vehicle for N100,000 paid for by cheque and the amount was posted to motor vehicle account but omitted from the bank account. In order to correct this error,
a.
Dr cash account and Suspense account
b.
Dr Suspense account and Cr Bank account >>>>>>>>>>>
c.
Dr cash account and Cr Suspense account
d.
Dr Bank account and Cr Suspense account
The cheques in which an entity may issue to the third party and have been credited to the cash book but not yet debited by the bank in the bank statement because the bearers have not presented them to the bank for payment is known asÉÉ.
a.
Error cheques
b.
Uncredited cheques
c.
Unpresented cheques >>>>>>>>>>>
d.
Dishonoured cheques
One among the following is an example of wasting assets;
a.
Wood
b.
Plants
c.
Trees
d.
Oil >>>>>>>>>>>
All of these are errors that do not affect the trial balance except
a.
compensating error
b.
error of commission
c.
Transposition error >>>>>>>>
d.
error of omission
A general journal records transactions according to the manner in which they will be posted to the respective______________
a.
Account >>>>>>>>>>>
b.
Ledger
c.
Credit
d.
Debit
On 1st July 2020, Makela had accounts receivable of N50,000 on which he had made an allowance of 2%. During the financial year, the following information emerged: (i) Debt N2,000 owed by Ian only realised N700 and the balance declared bad (ii) Other bad debts written off during the year amounted to N4,300 (iii)Bad debts written off in 2019 now recovered N800 (iv) Accounts receivable balance as at 30th June 2021 is N58,500 before adjusting for: a. Trade debt of N1,800 owed by Morgan is certified uncollectible b. A number of cheques for N3,200 received from debtors were dishonoured by the banks c. Allowance of doubtful debts at 4%. What is the value of bad debt recovered?
a.
N233.83
b.
N660
c.
N1,881 >>>>>>>>>>
d.
N840
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