If the discount allowed is 2.5% of sales, calculate the closing balance in the sales ledger account

• A. N 1400
• B. N6 600
• C. N16 600
• D. N18 600

The two column cash book records

• A. all receipts in cash only and payments by cheque
• B. receipts and payments in cash only
• C. all receipts and payments both in cash and by cheque
• D. receipts and payments by cheque only

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

• A. debtors' account
• B. creditor's account
• C. suspense account
• D. ledger account

A business shows total debtors’ balance of ?400,000 in its ledger at the end of its financial customer owing ?40,000 are bankrupt, and there is no possibility of getting the debt paid. A further 2% of the debt is considered doubtful. What debtors’ total will be included as a current asset in the balance sheet?

• A) ?400,000
• B) ?352,800
• C) ?352,000
• D) ?36,200

Accounts relating to tangible things such as cash, plant are called

• A)personal accounts
• B)Nominal accounts
• C)Real accounts
• D)Asset account

The current growth in the volume of trading and financial dealings in Nigeria is helped by?

• A. increased financial activities
• B. government intervention
• C. credit as a factor in business
• D. payment for goods in cash

Which of the following is a common cause of a discrepancy between head office and branch trial office________

• A. Stock and repayment
• B. Creditors and cash in transit
• C. Stock and cash in transit
• D. Debtors and cash in transit

Benefit enjoyed for which payments have not been made are?

• A. accruals
• B. prepayments
• C. acquisitions
• D. provisions

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

• A. Materiality
• B. Accrual
• C. Going concern
• D. Business entity

Goodwill can be in the balance sheet as?

• A. fixed tangible asset
• B. current asset
• C. fictitious asset
• D. liquid asset