One of the the differences between bookkeeping and accounting is that the former

• A. records data while the latter interprets
• B. is regarded as the language of the business while the latter ascertains its strenght
• C. interprets data while the latter records it
• D. summarises information while the latter communicates it

Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made. Hamed's share of the profit should be

• A. credited to partners' capital account
• B. credited to partners' current account
• C. credited to appropriation account
• D. debited to partners' drawing account

A statement in a double-entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

• A. Double entry system
• B. Ledger
• C. Cash Book
• D. Petty Cash Book

The understatement of closing value of work-in-process would have the effect of?

• A. understating cost of goods manufactured
• B. overstating prime cost of manufactured
• C. overstating cost of goods manufactured
• D. undersating prime cost of goods manufactured

The source of funds available to a local government/district assembly includes

• A. common fund allocation
• B. none of the above
• C. excise duties
• D. road tolls

The recording of wages due but not yet paid is an example of, an adjustment for

• A) apportionment of revenue between two periods
• B) recognizing accrued expenses
• C) recognizing unaccounted revenue
• D) recognizing prepaid expenses

Use the following to answer the question below What is the value of fixed tangible assets?

• A) ?920,000
• B) ?820,000
• C) ?894,000
• D) ?970,000

When stock is withdrawn for personal use, the accounting entries is to debit

• A. stock account credit drawings
• B. drawing account, credit stock account
• C. personal account credit cash account
• D. cash account, credit personal account

The most important reason for studying accounting is that

• A. the information provided by accounting is useful in making decision
• B. Accounting plays an important role in the society
• C. the study of Accounting leads to challeging career
• D. Accounting provides gross profit information

Commission-on-turnover is charged on?

• A. current accounts only
• B. savings accounts only
• C. fixed deposit accounts only
• D. all bank accounts