The basic role of accounting is to?

• A. detect fraud
• B. attest to finacial statements
• C. measure performance
• D. protect sharehlders

The account of government into which all monies are received and from which all expenditures are disbursed is the

• A. Federation account
• B. Petroleum Technology Development Fund
• C. Central Bank Account
• D. Development fund

A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

• A. N210,000
• B. N844,400
• C. N840,000
• D. N500,000

\(\begin{array}{c|c} & N \\ \hline

\text{Stock Jan 1} & 2600 \\ \hline \text{Purchases} & 4000 \\ \hline \text{Carriage inwards} & 500 \\ \hline \text{Sales} & 9000 \\ \hline \text{Carriage outwards} & 500

\end{array}\)

Determine the net profit

• A. N4,000
• B. N4,500
• C. N5,000
• D. N1,400

The major difference between the receipt and payment account and the income and expenditure account is that while the former

• A. is kept by the treasurer, the latter is not
• B. deals with all receipts and payments in the year regardless of the time it relates to, the latter is for just that year
• C. is a T-account, the latter is not
• D. is not in the ledger, the latter is

Use the information above to answer question

Period 1:

........Cash to petty cashier.............N1000

........Petty cashier pays out............N780

Period 2:

........Petty cashier pays out............N840

What is the balance of cash with the petty cashier at the end of period 1?

• A. 220
• B. 780
• C. 980
• D. 1780

Opening balance 10,640

Purchases 26,912

Returns inwards 492

Returns outwards 810

Cash disc received 1,348

Cash disc allowed 1560

Cash paid to suppliers 20,808

At the end of the year, the purchase ledger showed a debit balance of N108

The balancing figure in the purchases ledger control account is?

• A. N15,828
• B. N15,720
• C. N14,940
• D. N14,694

Given:

Capital ...........N1000

Liabilities........N500

Assets.............N1500

The accounting equation can be expressed as?

• A. N1000 + N500 + N1500 = N3000
• B. N1000 - N500 + N1500 = N2000
• C. N1000 + N500 = N1500
• D. N1500 + N500 = N2000

Use the information below to answer question

Capital.................................N60 000

Bank....................................N12 500

General expenses........................N5 250

Creditors...............................N17 000

Stock...................................N98 500

Fixed assets............................N42 000

Insurance and rates.....................N18 800

Purchase................................N63 850

What is the cash balance on the debit side if it is the only item omitted?

• A. N6745
• B. N6754
• C. N6475
• D. N6574

The Accounting term used to describe a partnership firm that stops operation and disposes its assets is

• A. Amortization
• B. Revaluation
• C. Realization
• D. Dissolution