Given that the balance as per cash book after necessary adjustment was N4,315, unpresented cheques were N1,688 and the bank statement balance was N4,791, what was the balance of uncredited cheques?

• A. N1,223
• B. N1,212
• C. N1,202
• D. N1,115

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

• A. financial accounting
• B. accounting policies
• C. cost accounting
• D. accounting conventions

Which of the following accounting records are source documents?

• A. journals and ledgers
• B. sales invoice and debit note
• C. sales invoice and cashbook
• D. cashbook and debit note

An expenditure whose benefit is finished or enjoyed immediately is called:

• A) Expense
• B) Liability
• C) Cost
• D) Income

Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earning?

• A) Net loss
• B) Net income
• C) Dividend investment by stakeholders
• D) Net profit

Dr. Sales Ledger Control Account . Cr

The amount N16,378.50 described as "Bank" represents

• A. receipts from trade debtors only
• B. cash sales for the month including discount
• C. receipts from all debtors of the business
• D. cash sales for the month excluding discount

Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.

Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.

The balance of profit and loss account will be?

• A. N4,000
• B. N2,800 B. N2,800
• C. N1,500
• D. 300

The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:

• A. Call in advance
• B. call in arrears
• C. forfeiture
• D. shares

Where there is no agreement made by the partners, the following provisions takes place except

• A. No salary for partners acting in the business
• B. There is interest on capital
• C. No interest to be charged on drawings
• D. Profit and loss are to be shared equally

Use the information below to answer question .

Prime cost..................N12 100

lighting....................N10 000

Heating.....................N15 000

Factory overhead............?

The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.

The factory overhead is?

• A. N5050
• B. N7250
• C. N2750
• D. N5500