On Jan. 30 Khalifa withdraw N2500 from the bank for office use.

The cash balance at end of the month was

• A. N1 600
• B. N4 100
• C. N 6 600
• D. N6 100

Use the information below to answer questions

Turnover...........................N120 000

Net profit before tax..............N40 000

Net profit b/f.....................N68 000

Proposed dividends:

Ordinary shares....................N8 000

Preference shares..................N6 000

Corporate tax is 30%...............N10 000

The undistributed profit carried forward is?

• A. N 68 000
• B. N 20 000
• C. N 74 000
• D. N 34 000

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 and owners' equity by by N15 000
• C. An increase in the total assets by N15 000
• D. A decrease in owners' equuity by N5000

In order to make the cash book balance equal to the bank statement, it is usually to add?

• A. uncredited cheques
• B. direct payments by bank
• C. bank charged
• D. unpresented cheques

Goods were purchased for resale on credit costing #150,000 on 30th September 2008 from Tosanwumi International. The entry to record these transaction is debit

• A. Tosanwumi International, credit purchase Account
• B. Purchase Account #150,000, credit Tosanwumi International Account #150,000
• C. Credit Account #150,000, Credit Tosanwumi International #150,000
• D. Tosanwumi International #150,000, credit credit Account #150,000

which of the following is source of document for the preparation of debtors' ledger account?

• A. Debit note
• B. General journal
• C. Purchases invoice
• D. Sales invoice

Use the information below to answer questions Sundry debtor..................N20,000 Provision for bad debts........N500 Provision for bad debt at 4% of sundry debtors. Calculate the provision to be taken to the balance sheet?

• A. N780
• B. N800
• C. 1200
• D. N200

Use the information to answer this question

Date.............Details........................

Feb........1 Purchased 400 units at N1.00 each

,, ........5 Purchased 200 units at N2.00 each

,,.........10 Purchased 200 units at N300 each

,, .........15 Issued 320 units

,,..........20 Issued 200 units at N4,00 each

,,..........25 Issued 120 units

Using the periodic simple average method, the cost per unit is

• A. N4.25
• B. N3.25
• C. N2.25
• D. N1.25

The results from the continuous application or usage of specific method of solving a particular problem is known as

• A) Accounting Basis
• B) Accounting Policy
• C) Accounting Information
• D) Accounting Concepts

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

• A. 1 : 1
• B. 3 : 6
• C. 2 : 1
• D. 2 : 6