Use the information below to answer questions

Balance as per cash book................N13560

Unpresented cheques.....................N5120

Uncredited lodgements...................N2300

Dividend received not entered

in the cash book........................N2000

Bank charges............................N280

Standing order payments.................N600

Balance as per bank statement............?

What is the adjusted cash book balance?

• A. N14 680
• B. N15 560
• C. N16 440
• D. N17 000

Control accounts help to verify the arithmetic accuracy of the postings from the?

• A. subsidiary books into the trial balance
• B. ledger into the trial balance
• C. journals into the ledgers
• D. subsidiary books into the ledgers

Sobande Incorporation acquired a machine that involved the following expenditures and related factors. N

Gross invoice price 15,000

Sales tax 900

Purchases discount taken 300

Freight 750

Assembly of machine 500

Installation of machine 800

Assorted spare parts for future use 1200

Turing and adjusting machine 700

What is the initial accounting cost of the machine?

• A. N19,550
• B. N18,950
• C. N18,350
• D. N17,500

The difference in the sales ledger control account is transferred to the?

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

The type of expense charged against administration of a firm is the?

• A. repairs on building
• B. interesr paid on loan
• C. discount allowed
• D. tax expense

The capital of the company stands at?

• A. N12 240
• B. N12 115
• C. N2 510
• D. N2 150

Using the following:

Balance as par overdraft of the cashbook is #4000 ,uncredited cheque is #2300, bank charges #300, unpresented cheque #5000.

what is the adjusted cashbook balance?

• A. 4000
• B. 300
• C. 4300
• D. 5000

Use the information below to answer question

Stock (1/1/02) at selling price..........N2000

Goods sent to branch (selling price).....N?

Sales by branch (selling price)..........N4500

Stock (31/12/02).........................N?

Opening stock is 1/4 of goods sent to branch.

Determine the closing stock?

• A. N5 500
• B. N6 500
• C. N2 500
• D. N4 500

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

• A. ₦130,000
• B. ₦75,000
• C. ₦80,000
• D. ₦125,000

hen a proprietor withdraws cash from the business for private use, he?

• A. debits cash account and credits drawings account
• B. credits cash account and debits bank account
• C. debits bank account and credits drawings account
• D. credits cash account and debits drawings account