In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. How much was paid for other general expenses? A N360 B N355 C N350 D N305 Answer is A
A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period? A N17,800 B N19,600 C N29,200 D N32,800 Answer …
Hauwa Ltd bought 10bags of rice for N500 each. The company was given 5% AND 12% trade and cash discounts respectively. What will be recorded as discount received in the company’s book? A N250 B N570 C N600 D N850 …
The accuracy of journalist is checked by? A ensuring that debit totals equal credit totals B posting all journal entries to ledger accounts C adding all figures in the debit column D comparing accounts in the ledger against the journals …
Use the information below to answer question. Given: Fixed assets N85,600 Sales N197,000 Stock N34,300 Salaries N37,000 Purchases N127,700 Share capital N120,000 Creditors N16, 050 Motor expenses N10,500 Debtors N25,000 Determine the total of the trial balance? A N335,050 B …
Use the information below to answer question. Given: Fixed assets N85,600 Sales N197,000 Stock N34,300 Salaries N37,000 Purchases N127,700 Share capital N120,000 Creditors N16, 050 Motor expenses N10,500 Debtors N25,000 What is the cash balance? A N12,095 B N12,590 C …
If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be? A N2,241 B N2,214 C N2,141 D N2,114 Answer is C
The main objective of accounting report is to provide information about? A a company’s shareholding B an entity’s management C the efficacy of assets D a company’s economic resources Answer is B
Cost accounting entails the provision of information? A for investment purposes B for descision making C to shareholders D to stockholders Answer is B
The current growth in the volume of trading and financial dealings in Nigeria is helped by? A increased financial activities B government intervention C credit as a factor in business D payment for goods in cash Answer is A
Which of the following items does not feature in the balance sheet of a club? A Arrears of current year’s subscription B Salary arrears paid in the current year C Rental income received in advance D Advances subscription in respect …
Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on …