Which of the following statement is correct about the head office current account and the branch current account?

• A. Both always have debit balances
• B. both always have credit balances
• C. the head office current account has a credit balance while the branch current account has a debit balance
• D. the head office current account has a debit balance while the branch current account has a credit balance

Companies and Allied Matters Act. 1990 requires every company to keep certain statutory books. Which of the following is not part of the statutory books to be kept by the company?

• A) register of directors and secretaries
• B) a register of charges (fixed and floating)
• C) minutes books of meetings of the company and meetings of its directors
• D) a register of companies in the same line of business

A credit balance of ?350,000 in a cash account shows that

• A) ?350,000 was the total cash received
• B) ?350,000 was the total cash paid out
• C) Cash at hand equals ?350,000
• D) ?350,000 was the cash overspent

Use the information below to answer questions Sundry debtor..................N20,000 Provision for bad debts........N500 Provision for bad debt at 4% of sundry debtors. Determine the provision for bad debts to profit and loss account?

• A. N500
• B. N820
• C. N1300
• D. N300

Given:

Sales #180,000

Stock 1/1 # 25,000

Purchases #110,000

Sales returns # 1000

Purchases returns # 1,500

Gross profit # 58,000

Determine the value of stock as at 31st December

• A. #8000
• B. #9,500
• C. #12,500
• D. #15,500

As part of the initial investment, a partner contributes office equipment that originally cost N20,000 and on which provision for depreciation of N12,500 had been recorded. If the partners agree on a valuation of N9,000 for the equipment, what amount should be debited to the office equipment account?

• A. N7,500
• B. N9,000
• C. N12,500
• D. N20,000

Investment at cost of a company is to be disclosed under

• A. trading accounts
• B. profit and loss account
• C. balance sheet
• D. source and application of fund

I. Members subscription

II. Fines from members

III. Donation

IV. Loan from bank

From the information above, sources of income for a Not-for-profit-making organization include

• A. I,III,IV
• B. I,II,III
• C. I,II,IV
• D. I and IV

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of #180,000. it is however discovered that revenue of #15,000 is recorded as expenses while expenses of #4,000 is recorded as revenue. The revenue to be added as an adjustment is

• A. #34,000
• B. #30,000
• C. #15,000
• D. #4,000

Which of the following is not a data processing method?

• A) Manual
• B) Mechanical
• C) Electronic
• D) Formatting