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

To arrive at the gross profit of a trading business, which one of the following formulate is applied?

• A) Sales
• B) Sales
• C) Sales
• D) Sales

The trial balance at 31st December 2014 showed a difference of ?4,000, being a shortage on the credit side. A suspense account is opened and the difference of ?4,000 is entered on the credit side of the account. On 2nd January 2015, it was found that the sales account was under cast by N 4,000. To correct the error

• A) debit suspense account; credit sales account
• B) debit sales account; credit suspense account
• C) debit undercast account; credit sales account
• D) debit suspense account; credit undercast account

Items in the bank statement of a business but not in the cash book before preparation of bank reconciliation statement do not include?

• A) Bank charges
• B) Standing order
• C) presented cheque
• D) interest on overdraft

Bello withdraws cash from bank to office, this is called ---------- entry

• A. credit
• B. contra
• C. double
• D. debit

The gross profit disclosed in the branch stock adjustment account represents?

• A. head office profit
• B. unrealized profit
• C. estimated profit
• D. branch profit

The concise statement used to explain entries in the general journal is known as?

• A. narration
• B. summary
• C. information
• D. commentary

A source document for the sales day book is?

• A. a requisition form
• B. an invoice
• C. a customer advice
• D. a credit advice

Given: 1. The Memorandum of Association of the Company 11.The Article of Association of the Company 111. The Incorporation documents From the above, which of the following is delivered to the Registrar of companies for incorporation

• A. 1 and 11
• B. 1, 11 and 111
• C. 1 and 111
• D. 11 and 111

The cost of goods purchased by cash was wrongly debited to sales account and credited to cash book. The entries necessary to correct the error are:

• A) Dr. purchases account; Cr cash book
• B) Dr. sales account; Cr cash book
• C) Dr cash book ; Cr sales account
• D) Dr purchases account; Cr sales account