Cash can be drawn from the bank using

• A. a bank teller
• B. a credit card
• C. a recharge card
• D. ATM card

Sales - #232,000 Opening stock - # 28,000 Purchases - #128,000 Carriage inwards - # 4,000 Carriage outwards - # 6,000 Closing stock - # 10,000 Discount received - # 18,000 Expenses - # 20,000 Calculate the expenses debited to the profit and loss account

• A. #17,000
• B. #23,000
• C. #26,000
• D. #30,000

The limitations of the receipts and payments account arise mainly because of the reliance on?

• A. cash movement as evidence of transaction
• B. the acconuting officer to report
• C. the capital account of the organization
• D. the transaction papers as evidence of transaction

The power to appoint the Auditor General of the Federation is vested in the

• A. National Assembly
• B. Civil Service Commission
• C. Judicial Service Commission
• D. President

In company accounts, profit after tax is shared in the ______ account.

• A) appropriation
• B) revaluation
• C) current
• D) profit realization

An advantage of using accounting ratios is that

• A. can be easily calculated
• B. show errors and frauds
• C. facilitate decision making
• D. are stipulated by law

Determine wage expenses from the given information, wages outstanding at the beginning, wages paid during the period 15000 and wages outstanding of the period 2,000

• A. N16,000
• B. N17,000
• C. N13,000
• D. N14,000

The control account is used in facilitating

• A. the location of errors in the various accounts
• B. up to date bank transactions
• C. the payment of debts and liabilities of the firm
• D. assets distribution with respect to income

Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. Stock at branch 1st January at cost............N400 Goods sent to branch at cost...................N8000 Returns to head ...............................N340 Cash sales ....................................N9160 Stock at branch 31st December at cost..........N720

Calculate the cost of goods credited to the head office trading account?

• A. N7660
• B. N7500
• C. N7460
• D. N7200

Which of the following is not charged to manufacturing account?

• A. raw materials
• B. factory wages
• C. direct expenses
• D. distribution expenses