If Fatima was granted a discount of 2% what will be discount allowed?

• A. N20
• B. N40
• C. N60
• D. N4

In the not-for-profit-making organization, the excess of income over expenditure is?

• A. deducted from the capital
• B. added to the accumulated fund
• C. added to the capital
• D. deducted from the the accumulated fund

Use the information below to answer the question

If at 31/1/95 the following information was ascertained;

(i). rent for shop #12,000 paid for the year

(ii). Total purchases #15,000

(iii). Total sales #8,200

(iv). Stock of goods left #10,000

(v). paid sales boy #500

If at 31/1/95 the following information was ascertained;

(i). rent for shop #12,000 paid for the year

(ii). Total purchases #15,000

(iii). Total sales #8,200

(iv). Stock of goods left #10,000

(v). paid sales boy #500

What is the balance on its cash account as at 31/1/95

• A. #22,800
• B. #9,200
• C. #800
• D. #21,200

One of the options below have the same features as the profit and loss account in non-profit organization

• A. non profit account
• B. profit and loss account
• C. income and expenditure account
• D. receipts and payment account

The cost of goods purchased by cash was wrongly debited to sales account and credited to cash book. The entries necessary to correct the error are:

• A) Dr. purchases account; Cr cash book
• B) Dr. sales account; Cr cash book
• C) Dr cash book ; Cr sales account
• D) Dr purchases account; Cr sales account

Which of the following is not a feature of private limited companies

• A) the name of the company ends with limited
• B) minimum of two directors is required
• C) shares cannot be subscribed for by the public
• D) transfer of shares is restricted by law