Use the information below to answer question

Debtors.................................N20

Provision for bad debts..................10%

Provision for discount on debtors........5%

Determine the amount provided for discount allowed on debtors?

• A. N1000
• B. N3000
• C. N900
• D. N1500

In which ways can a manager manipulate the financial statements? Options

• A) using asset values
• B) capitalizing costs that should be written off as expenses
• C) recording assets that are owned by the business
• D) massaging expenses

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

• A. market value of goods produced
• B. prime cost of production
• C. indirect cost of production
• D. goods produced

Which of the following errors will affect the trial balance total?

• A. omission of sales of ₦3000 and purchases of ₦2000
• B. Posting discount allowed to the debit side of discount allowed account
• C. omission of one account from the list when extracting the ledgers
• D. failure to post sales of ₦2000 and purchases of ₦2000

Keeping records under single entry system has the advantage of

• A. Quality in terms of records
• B. Simplicity in terms of operation
• C. Accuracy in terms of operation
• D. Completeness in terms of records

Impersonal account is subdivided into

• A. real and nominal accounts
• B. nominal and personal accounts
• C. real and current accounts
• D. personal and real accounts

\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debtors clsoing} & 1500 \\ \hline \text{Cash received from debtors} & 8500 \\ \hline \text{Bad debts written off} & 350 \\ \hline \text{Discount allowed} & 500 \\ \hline \text{Discount Received} & 1000\end{array}\)

What is the amount of sales of sales for the year?

• A. N3850
• B. N6650
• C. N1550
• D. N6850

The interest on partners' loans is?

• A. debited in current account
• B. credited in profit and loss account
• C. debited in profit and loss account
• D. credited in current account

A fire on 31 July destroyed some a company's inventory records. <br>The following information is available<br> Inventory 1 July: ?318,000<br> Sales for July: ?612,000<br> Purchase for July: ?412,000<br> Inventory in good condition at July, 2014: ?214,000<br> Standard gross profit percentage is sales is 25%.<br> Based on this information, what is the value of the inventory lost?

• A) ?96,000
• B) ?271,000
• C) ?26,400
• D) ?57,000

The total of the discounts received column in the cash book is posted to the?

• A. credit of the discounts received account
• B. debit of the discounts allowed account
• C. credit of the discounts allowed accoun
• D. debit of the discounts received account