Which of the following affects the accuracy and authenticity of the trial balance?

• A. Error of ommission
• B. Error of commission
• C. Error of transposition
• D. Error of original entry

(i) Fixtures account (ii) Machinery account (iii) Wages accounts (iv) Rent account. Which of the above are nominal account?

• A. iii and iv
• B. i and ii
• C. i and iii
• D. ii and iii

At the end the fiscal year, account receivable has a balance of ?100,000 and allowance for doubtful account has a balance of ?7,000. The expected net realized value of the account receivable is:

• A) ?107,000
• B) ?100,000
• C) ?93,000
• D) ?7,000

Which of these items would be accounted for as an expense?

• A) repayment of a bank loan
• B) dividends to stockholders
• C) the purchase of land
• D) payment of the current period

A cash book had opening balance of N15,200 closing balance N18,400 and total cash received during the period N36,000. What was the amount of cash paid out during the same period?

• A. N17,800
• B. N19,600
• C. N29,200
• D. N32,800

Which of the following is not charged to the manufacturing account?

• A. Direct expenses
• B. Factory wages
• C. Distribution expenses
• D. Raw materials

Given:

Cash purchases ..............................N25000

Trading creditors............................N45000

Opening balance of trade creditors...........N35000

Calculate the purchases for the period?

• A. N80,000
• B. N35,000
• C. N105,000
• D. N70,000

If goods were returned to branch by the customers, the correct posting for this transaction is to debit?

• A. branch debtor's account and credit head office account
• B. head office account and credit branch stock account
• C. branch stock account and credit branch debtors' account
• D. branch cash account and credit branch stock account

Use the information below to answer this question

The partnership agreement between Abba, Baba and Kaka contains the following provision:

(i) 5% interest to be paid on capital and no interest to be charged on drawings

(ii) Profits and losses to be shared in the ratio 3:2:1 respectively

(iii) net profit as at 31/12/95 N 2,250.

.................Abba......Baba.......Kake

Capital..........5000......4000......3000

Current account...250......100.......175

Salary............300......300.......---

Drawings..........600......500........250

Current account balance of Kaka at the end of the year will be

• A. N250
• B. N350
• C. N175
• D. N325

An evidence of payment issued to a government ministry by a revenue collector is

• A. treasury receipt
• B. receipt voucher
• C. payment voucher
• D. treasury card