Use the information below to answer questions

Given:

Returns inwards............N1500

cash.......................N1550

Discount...................N2850

Capital....................N3800

Debtors....................N900

Sundry.....................N?

The value of sundry expenses is 150% of returns inwards plus 50% of debtors.

How much is sundry expenses?

• A. N2700
• B. N2250
• C. N1550
• D. N2000

The salary of a partner is usually debited to the?

• A. sundry debtors' account
• B. appropriation account
• C. profit and loss account
• D. sundry current account

The financial plan of the government for a year is contained in the?

• A. budget
• B. cash analysis book
• C. vote book
• D. gazette

Calculate the cash balance after the discount

• A. N2760
• B. N4 300
• C. N6 200
• D. N2.400

An item of appropriation in partnership profit and loss account is?

• A. interest on partners' capital
• B. interest on partners' loan
• C. employees' salaries
• D. partners' drawings

Stock valuation is useful because it forms the sales department on the?

• A. price of the competing goods
• B. prices that will affect profitability
• C. number of goods to produce
• D. number of goods to sell

The fixed amount of money given to a petty cashier at the beginning of a period is called?

• A. imprest
• B. petty cash
• C. float
• D. cash advance

Which of the following is the capital reserve of a company

• A. Share premium
• B. Retained profit
• C. Accumulated depreciation
• D. Loss on forfeited shares

An organization which has records of only personal accounts is said to be operating on the basis of

• A. single entry
• B. real accounts
• C. nominal accounts
• D. double entry

A receipt is an evidence of

• A. payments
• B. stocking
• C. delivery
• D. discounts