FBQ21: A supplementary record used to provide detailed information for control account in the general ledger is known as _____________________ ledger.
Answer: *Subsidiary ledger*
FBQ22: __________________ is an item that is normally posted to the credit side of the purchases ledger control account in relation to settlement of creditor’s account.
Answer: *Dishonored bill payable*
FBQ23: Reconciling the ———————- with the bank statement balance is a main step involved in preparing the bank reconciliation statement.
Answer: *Adjusted balance*
FBQ24: When a customer’s cheque that is lodged is dishonored by the bank, it will ____________balance in the bank.
Answer: *Reduce cash*
FBQ25: _______________ is the account that a business normally maintains with a bank when it has fund for investment for a relatively long period of time.
Answer: *Fixed deposit account*
FBQ26:
Answer: *N24,570*
FBQ27:
Answer: *N12,8708*
FBQ28: A main function of the Credit Card involves ——————— payment of cash to creditors.
Answer: *Prompt*
FBQ29: Assets and liabilities of a going concern entity are generally valued on historical cost basis or …………………………………. basis.
Answer: *Fair value*
FBQ30: An authorising document for payment of a particular expense or service is called………………………………….
Answer: *Payment Voucher*
FBQ31: The book of original entry that gives a brief explanation of the transaction, referred to as “narration” is called…………………………………..
Answer: *The Journal*
FBQ32: Control accounts are also called …………………………………… ledgers
Answer: *Self balancing*
FBQ33: An asset was bought on 1 January 2006 for N600, 000 and depreciation was provided annually at 20% on reducing balance basis. Depreciation is charged in the year of disposal on pro-rata basis. The asset was sold for N350, 000 on 30 October, 2008. What is the net book value of the asset at the time of disposal?…………………………………………………………
Answer: *320,000*
FBQ34: An asset was bought on 1 January 2006 for N600, 000 and depreciation was provided annually at 20% on reducing balance basis. Depreciation is charged in the year of disposal on pro-rata basis. The asset was sold for N350,000 on 30 October, 2008. The amount of profit on disposal is ————————–.
Answer: *N30,000*
FBQ35: A machine costs N360,000 and has a useful life span of n years and an expected disposal value of N12,000 with annual depreciation of N69,600. The useful lifespan of the machine is ———————using straight-line method of depreciation.
Answer: *5 years*
FBQ36: A machine costs N360, 000 and has a useful life span of n years and an expected disposal value of N12, 000 with annual depreciation of N69, 600. Using reducing balance method, the depreciation charged for Year 2 (ignoring residual value) is………………………….
Answer: *N57, 600*
FBQ37: A machine costs N360, 000 and has a useful life span of n years and an expected disposal value of N12, 000 with annual depreciation of N69, 600. Using the reducing balance method, the net book value of the asset at the end of Year 3? is………………………..
Answer: *N69, 600*
FBQ38: A company bought goods worth N300,000 and spent N20,000 for transportation. Such transport cost is a form of ———————– to the company.
Answer: *Carriage inwards*
FBQ39: Usman returned defective goods worth N30,000 to Yaro Enterprises. This transaction will appear in the Trading, Profit and Loss account of Yaro Enterprises as ………………
Answer: *Sales return*
FBQ40: The excess of current assets over current liabilities is known as………………..
Answer: *Working Capital*
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