Receipt and payments account of a non-profit making organization is principally a summary of the?

• A. bak entries
• B. cash bok entries
• C. expenditure entries
• D. balance sheet entries

Use the information above to answer questions

Lighting..................N2925

Rent......................N2640

Salary....................N4050

The expenses are for three different product:

Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

The lighting charge to be apportioned to zema is?

• A. N891
• B. N819
• C. N927
• D. N975

The partners capital are: Modibbo #60,000 and Jakata #90,000. The partners share profit and losses in the ratio of their capital contributions. The net profit for the year is #12,000. Find Modibbo's share of the profit

• A. #62,000
• B. #48,000
• C. #44,000
• D. #43,000

Which of these is not a subsidiary books?

• A. sales day book
• B. purchase day book
• C. credit note
• D. return inward day book

Books of original entry are used for

• A) recording business transactions
• B) the adjustment of accounts
• C) Reminding the book keeper to-post transactions in the ledger
• D) informing the bookkeeper about the state of affairs

The results from the continuous application or usage of specific method of solving a particular problem is known as

• A) Accounting Basis
• B) Accounting Policy
• C) Accounting Information
• D) Accounting Concepts

The net assets of a firm can be calculated as

• A) Non-current assets + current assets - current liabilities - current assets
• B) Non-current assets + current assets - currents liabilities - non-current liabilities
• C) Non-current assets - non-current liabilities
• D)Non-current assets

Which of these is the main source document for recording cash paid into bank?

• A. invoice
• B. cheque book
• C. credit note
• D. pay-in-slip

Under the hire purchase account, the cash selling price is

• A) debited to the asset account and credited to the hire purchase vendor
• B) credited to the asset account and debited to the hire purchase vendor
• C) debited to hire purchase vendor
• D) credited to hire purchase vendor

The balance on a purchase ledger control account represents the?

• A. present amount that a business owes its suppliers at date
• B. total credit avaiable to the end of the year to be utilized in future
• C. total credit the business enjoyed for the particular year from its suppliers
• D. total credit owd the business by its customers