If only wages is shown on the trial balance, it should be charged to the

• A. profit and loss account
• B. trading account
• C. balance sheet
• D. wages account

Which accounting concept states that revenues and expenses are recognized as theyare earned or incurred and not when money is received?

• A) Entity
• B) Realization
• C) Accrual
• D) Periodicity

Which of the following expenses relate to the profit and loss account of a manufacturing firm?

• A. Administrative overhead
• B. Direct labour
• C. Direct materials
• D. Work-in-progress

Use the information below to answer question

An asset was purchase for N343m in 2003.

The estimated life of the asset was 3 years with a residual value of N28m.

Using the straight method. The depreciation of the asset in the first year was?

• A. N210m
• B. N343m
• C. N105m
• D. N270m

One of these is not a similarity between Joint Venture and Partnership.

• A. AIM is profit making
• B. It is for a specific venture
• C. Involves two people
• D. have rights and duties

Errors revealed by the trial balance include error of:

• A) Principle
• B) Single entry
• C) Omission
• D) commission

Transactions are recorded or posted to the ledger in line with

• A. Accounting Concept
• B. Source document
• C. Double Entry Principle
• D. Data collection

Sales ledger control account contains the total amount in respect of

• A) Creditors
• B) Debtors
• C) Investors
• D) Shareholders

A rent received by a trader for sub-letting part of his business premises should be added to the?

• A. gross profit
• B. total profit
• C. net profit
• D. total revenue

\(\begin{array}{c|c} & \text{Dept A} & \text{Dept B} \\ \hline & N & \\ \hline \text{Sales} & 250 000 & 150,000 \\ \hline \text{Purchases} & 500,000 & 250 000 \\ \hline \text{Discount received} & 24 000 & \\ \hline \text{Discount allowed} & 15 000 & &

\end{array}\)

Determine the discount allowed by Department A

• A. N5,000
• B. N9,375
• C. N5,625
• D. N8,000