ACC102
The record making phase of accounting is called
Answer: bookkeeping
Which of the following information needs not be shown on the face of a cheque?
Answer: drawee\’s signature
The acronym, BOFIA stands for
Answer: banks and other financial institutions act, 1991
Units of closing inventory is determined as
Answer: total units purchased less units sold
Payments and receipts of cash in respects of reimbursement of employee expenses are recorded in the
Answer: petty cash book
The concept of accounting that allows users to determine trends in the performance of an entity overtime is
Answer: consistency concept
What is the determinant of an entityVs method of valuing inventory?
Answer: its accounting policy
When assets are valued at their historical cost instead of scrap value, which concept being observed?
Answer: going concern concept
A resource owned or controlled by an accounting entity and which is expected to generate future economic benefits is called
Answer: asset
Which of the following is a component of cost of sales?
Answer: carriage inwards
The main statutory document for the regulation of business in Nigeria is
Answer: the companies and allied matters act 1990
The net resources of an entity is analized into assets and
Answer: liabilities
The mechanical system of accounting use in data recording and processing
Answer: computer system
An accounting information which contains enough facts to satisfy users needs is said possess quality.
Answer: relevancy
Purchases give rise to inventories when the goods purchased are not
Answer: fully sold in the period
A transaction where payment is made or received sometime after delivery is known as
Answer: credit transaction
Which of the following cannot be a reporting entity?
Answer: a cost object
Which accounting concept affects the presentation and application of accounting standards?
Answer: materiality concept
A manual system of accounting may be more secure than the mechanized system because it is not affected by
Answer: computer crash and virus
The word YYCapitalYY is associated with items that appear in the Statement of Financial position, while YYrevenueYY is an item that appears in the
Answer: comprehensive income
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