Use the information below to answer questions 28 and 29.

On January 1,2000, a club's assets and liabilities were as follows:

Club house...................N8,000

Subscription.................N300

Cash.........................N1,000

Wages owed...................N100

The club has 50 members and annual subscription is N100 per member.

Subscription received is N4,000 and this includes 1999 arrears of N200.

In the balance sheet, the subscription in arrears will be?

• A. N200
• B. N300
• C. N1,200
• D. N1,300

The account which refers to the tangible assets of a company that is of permanent nature is the

• A) personal account
• B) real account
• C) nominal account
• D)cash account

Which of these accounts is dissolution expenses credited?

• A. partners capital account
• B. revaluation account
• C. partners current account
• D. Realization account

Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as

• A. passing of entries
• B. consistency convention
• C. matching concept
• D. adjusting for revenue

Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit

• A. cash and credit stationery
• B. purchases and credit stationery
• C. stationery and credit purchases
• D. stationery and credit cash

Use the information below to answer questions.

Entrance fees.........................N1200

Subscriptions(including N850 arrears).N4310

Donations received....................N1500

Proceeds from sales...................N2300

Total payments........................N8200

Depreciation..........................N2100

Closing cash balance..................N1110

The club deposited 200% of the closing cash balance in he bank during the period.

Calculate the total figure for the receipt and payments account?

• A. N11 410
• B. N13 630
• C. N9 310
• D. N11 530

The corresponding entry of personal accounts found in the debit side of the cashbook is to

• A. credit real accounts
• B. credit the ledger
• C. debit real accounts
• D. debit the ledger

The book of account in which information from the source documents are recorded consists of

• A. debit and credit notes
• B. ledger and subsidiary books
• C. prepayments and accruals
• D. profit and loss and balance sheet

An electrical retail company is due to report lower pre-Tax profits than the previous year. Management fear investor dissatisfaction. Which of the following measures before the year end could improve the draft profit figure?

• A) A) Delaying payment to creditors
• B) Postponement of an investment in new equipment
• C) A reduction in the provision for bad and doubtful debts
• D) A reduction in the proposed dividend for the year

The major feature of a journal is that it has

• A. five columns, date, particulars, folio, debit and credit
• B. three columns, date, particulars, folio and amount
• C. Six columns, date. particulars, folio, amount debit and credit
• D. four columns, date, particulars, folio and amount