Which of the following equations properly represents a derivation of the fundamental accounting equation?

• A) Assets + liabilities = owner
• B) Assets = owner
• C) Cash = assets
• D) Assets

Materials consumed...................N16,600

Direct cost..........................N5,400

Factory rent.........................N2,300

Factory lighting.....................N1,200

Cost of production to be transferred at cost plus 20% mark-up.

The gross profit on manufacture is?

• A. N6,120
• B. N6,100
• C. N5,100
• D. N5,000

A major factor that enhanced the early development of accounting is the?

• A. Industrial Revolution
• B. growing of trade and commerce
• C. development of arithmetic
• D. invention of writing

Which of the following is a debit item in the sales ledger control account

• A. Cheque reciepts
• B. Dishonoured cheques
• C. Discount allowed
• D. Bills recievable

Discount allowed is shown in financial statements as

• A. an asset
• B. an income
• C. a liability
• D. an expenses

Use the following information to answer the question below The cash at bank on 30th June is Options

• A)?40,400
• B)?35,600
• C)?29,600
• D)?23,600

Use the information below to answer this questions

Capital..................N............N........

Land and building.......18470........24000....

Mortgage on premises...................11090...

Drawings...............3000...................

Profit and loss........................3600...

Furniture and fittings...5120.................

Motor Vehicles...........3462................

Closing Stock............3000................

Debtors..................11474...............

Creditors..............................7354.

Cash.....................1518................

..........................46044.........46044

What is the capital employed?

• A. N44 600
• B. N43 052
• C. N43 044
• D. N38 600

If the owner of a business takes goods for personal use, he should

• A) Debit drawings account and Credit Purchases Account
• B) Debit Drawings account and credit stock account
• C) Debit purchases account and credit drawings account
• D) Debit sales account and credit drawings account

A debit may signify:

• A) an increase in the owner
• B) an increase in a liability account
• C) a decrease in an asset account
• D) an increase in an asset account

If salary account is debited instead of stationary account, the error committed is that of?

• A. commission
• B. omission
• C. principle
• D. compensation