FBQ41: The amount of fictitious value placed on a company’s reputation is called ——————————.
Answer: *Goodwill*
FBQ42: The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses is called …………………
Answer: *Carrying Amount*
FBQ43: The specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements are called ………………
Answer: *Accounting policies*
FBQ44: Errors that result from the use of incorrect accounting estimates be treated in the current year through ……………………….during the year accordingly.
Answer: *Adjustment*
FBQ45: A mistake of —————— in the ledger account affects the agreement of the trial balance double entry principle is not adhered to.
Answer: *Single entry*
FBQ46: The double entry required to correct a debit balance in Jide’s account in the sales ledger which was wrongly recorded as N695 instead of N659 is debit suspense account and credit Jide Account with —————————-.
Answer: *N36*
FBQ47: When a Non-Current Asset is sold, the amount that is debited to Cash Account and credited to disposal account is called………………….
Answer: *Sales proceeds*
FBQ48: Extended Trial Balance is an alternative way of arriving at the figures to be included in the ………………………
Answer: *Financial statements*
FBQ49: An overdraft facility to a company is an example of ——————- liability.
Answer: *Current*
FBQ50: Given a selling price of N700,000 and a gross profit mark-up of 40%, the cost priceis………………………..
Answer: *N500,000*
TO BUY YOUR ACC204 – INTRODUCTION TO FINANCIAL ACCOUNTING II EXAM SUMMARY CLICK HERE