Given: Calculate the surplus income. A N45 000 B N44 000 C N30 000 D N14 000 Answer is D
Use the information below to answer questions. Entrance fees…………………….N1200 Subscriptions(including N850 arrears).N4310 Donations received………………..N1500 Proceeds from sales……………….N2300 Total payments……………………N8200 Depreciation……………………..N2100 Closing cash balance………………N1110 The club deposited 200% of the closing cash balance in he bank during the period. Determine the …
If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account A N 1400 B N6 600 C N16 600 D N18 600 Answer is A
If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was A N9 000 B N20 000 C N 1000 D N17 000 Answer is C
A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed? A N20 B N40 C N400 D N200 Answer …
Given: Bank overdraft…………..N2000 Cash……………………N2000 Furniture……………….N4000 Calculate the total amount on the credit side of the trial balance? A N4000 B N2000 C N6000 D N8000 Answer is B
One of the benefits of book-keeping records is that they? A give prospective investors accurate and direct information for decisions-making B provide the public and creditors with details of the operations of an entity C give legal backing to all …
If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation? A A decraese in the total asssets by N5000 B An incraese in the total liabilities …
Use the information below to answer questions Given: Returns inwards…………N1500 cash…………………..N1550 Discount……………….N2850 Capital………………..N3800 Debtors………………..N900 Sundry…………………N? The value of sundry expenses is 150% of returns inwards plus 50% of debtors The total of the trial balance is? A N6600 B N6650 …
Use the information below to answer questions Given: Returns inwards…………N1500 cash…………………..N1550 Discount……………….N2850 Capital………………..N3800 Debtors………………..N900 Sundry…………………N? The value of sundry expenses is 150% of returns inwards plus 50% of debtors. How much is sundry expenses? A N2700 B N2250 C N1550 …
The fourth stage of the accounting information system is? A recording B interpreting C summarizing D classifying Answer is C
Use the information below to answer questions Balance as per cash book…………….N13560 Unpresented cheques…………………N5120 Uncredited lodgements……………….N2300 Dividend received not entered in the cash book……………………N2000 Bank charges……………………….N280 Standing order payments……………..N600 Balance as per bank statement…………? What is the adjusted cash book …