The accounting entries for goods stolen in branch will be to debit

• A. The accounting entries for goods stolen in branch will be to debit
• B. branch stock account and credit branch adjustment account
• C. branch adjustment account and credit profit and loss account
• D. branch adjustment account and credit branch stock account

If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?

• A. preliminary expenses, credit cash accounts
• B. promoter, credit creditors' accounts
• C. lawyer's credit cash accounts
• D. cash , credit incorporation accounts

The historical development of accounting reveals that it?

• A. deals with debit and credit of items
• B. is a product of financial development
• C. is a product of its own evironmnent
• D. is an ideal subject for finacial development

An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read N722. Uncredited cheques were Bimpe N40; Wale N60 while unpresented cheques were; Usman N20, Kalu N32 and Musa N70. What is the cash book balance after the reconciliation?

• A. N700
• B. N770
• C. N800
• D. N822

I. A retailer when fixing his selling price adds one-quarter to the cost of the article II. The expenses of the retailer is 10% of his sales III. The total sales is N23,000 IV. he turned over his stock five times in the year. The net profit for the year is

• A. N5,750
• B. N5,650
• C. N3,200
• D. N2,300

Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?

• A. Outstanding cheques
• B. Bank service charges
• C. Deposit in the mail not yet received by the bank
• D. Bank error, charging a company for another company's cheque

Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000 Calculate the sales ledger balance?

• A. N3,000
• B. N6,000
• C. N10,000
• D. N13,000

i) Deducted the smaller side figure from the bigger side figure . ii) Add up both side iii)Take the difference to the smaller and add to the smaller figure The correct procedure for balancing account is?

• A. ii, i and iii
• B. i, iii and ii
• C. ii, iii and i
• D. i, ii and iii

Use the information below to answer questions .

subscription.....................N5420

Canopy rent......................N400

Wages............................N1100

Post-ages........................N300

loss from bar....................N160

Purchases of new furniture.......N120

Premises.........................N4000

Furniture at the beginning.......N1120

What is the cash balance in the receipts and payments account?

• A. N2 520
• B. N2600
• C. N3000
• D. No option

The term accounting period is used to refer to the

• A. time span, usually one year covered by the financial statement
• B. period within which debtors are expected to settle accounts
• C. time, span during which taxes are paid to the inland revenue board
• D. budget period, usually one year relied on by the accountant