which of the following factors has aided the development of accounting?

• A. The emergence of nation states
• B. The discovery of mineral resources in commercial quantity
• C. the growth in size of businesses and separation of ownership and management
• D. the development and management of sophisticated monetary system

The account which refers to the tangible assets of a company that is of permanent nature is the?

• A. personal account
• B. real account
• C. nominal account
• D. cash account

An item credited in the bank statement but yet to be recorded in the firm's cash book is

• A. bank loan
• B. contract payment
• C. standing order
• D. direct deposit

The rule of accounting equation requires that account payable should be placed under?

• A. liabilities
• B. equities
• C. assets
• D. capital

Opening balance of Diks company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?

• A. #36,902
• B. #27,502
• C. #12,498
• D. #43,098

Impersonal accounts contain

• A) capital and cash account
• B) nominal account and real account
• C) real and cash account
• D) capital and real accounts

The issued share capital is the number of shares that are

• A. shared among the directors
• B. authorised by the shareholders
• C. fully subscribed
• D. in the share certificate

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

Determine the club's excess of income over expenditure

• A. N12000
• B. N15000
• C. N10000
• D. N14500

In the absence of a sales day book or sales account, credit sales can be computed from

• A) creditor control account
• B) debtors' control account
• C) opening figures of the balance sheet
• D) closing figures of the balance sheet

Which of the following methods gives a conservative closing stock value during a period of rising prices?

• A. LIFO
• B. FIFO
• C. Simple average
• D. Periodic simple average