The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?

• A. memorandum
• B. bye-law
• C. deed
• D. financial regulation

Journal proper is used in recording?

• A. transactions that are not regular
• B. returns from customers
• C. credit sales
• D. the receipt and payment for money

Which of the following should not be adjusted for in the profit and loss account?

• A. Accruals
• B. inventory
• C. subscription
• D. depreciation

A debit balance of ?150,000 in a cash account shows that

• A) cash has been overspent by ?150,000
• B) there was ?150,000 cash in hand
• C) the total of cash received was less than ?150,000
• D) ?150,000 was the total of cash paid out

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than over-states results?

• A. Conservatism
• B. Historical
• C. Monetary
• D. Cost

One of the objective of maintaining the account of a branch at the head office is to

• A. to access the performance of the branches
• B. check the excesses of customers
• C. record charges in shareholdings
• D. record charges in liabilities

Which of the following is a common cause of a discrepancy between head office and branch trial balance?

• A. Debtors and cash in transit
• B. Creditors and cash in transit
• C. Stock and cash in transit
• D. Stock and prepayments

The discount column on the left-hand side of cashbook represents a discount

• A. received from a creditor
• B. allowed to a debtor
• C. received from a debtor
• D. allowed to a creditor

Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is?

• A. N125 000
• B. N500 000
• C. N50 000
• D. N25 000

A cheque which has been sent but has yet gone through the bank account of the receiver of it is known as:

• A) Dishonoured cheque
• B) Unpresented cheque
• C) Uncredited cheque
• D) Unhonoured cheque