The recording phase of accounting is known as?

• A. bookkeeping
• B. trial balancing
• C. ledger accounting
• D. final accounting

The item that are contained in the bought ledger control account are?

• A. discount allowed, bad debts and purchases
• B. dishonoured cheques, returns inwards and sales
• C. returns outwards, bad debts outewards and sales
• D. discount received, returns outwards and purchases

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

What is the closing cash balance?

• A. N35 000
• B. N211 000
• C. N5 000
• D. N10 000

A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?

• A. N20
• B. N40
• C. N400
• D. N200

A bond, acknowledging a loan to a company under the company’s seal, bearing a fixed rate of interest is known as?

• A) certificate
• B) agreement
• C) bank loan
• D) debenture

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1. The interest on joy's drawing is?

• A. N6.00
• B. N7.25
• C. N9.00
• D. N9.75

Another name for control accounts is

• A. total account
• B. purchases ledger
• C. creditors' account
• D. debtors' account

Wilson Company owns land which cost 14,100,000. If a quick sate of the land was necessary to generate cash, the company feels it would receive only ?80,000. The company continues to report the asset on the balance sheet at ?100,000 This is justified under which of the following concepts?

• A) The historical-cost principle
• B) The value is tied to objective and verifiable past transactions
• C) Neither
• D) Both

Which of these is a capital expenditure warrant?

• A. Provisional general warrant
• B. Development fund general warrant
• C. Reserved expenditure general warrant
• D. Supplementary warrant

\(\begin{array}{c|c}

\text{Capital} & 12,700 & \text{Purchases} & 7,100 \\

\hline

\text{Debtors} & 4,000 & \text{Stationery} & 1,900 \\

\hline

\text{Sales} & 2,400 & \text{Wages} & 1,230 \\

\end{array}\)

Determine the closing balance of the cash book?

• A. N655 credit
• B. N655 debit
• C. N130 credit
• D. N130 debit