The necessary accounting entries to record scrapped container in accounting for containers, using container Trading Accounting method is

• A) DEBIT Container Account; CREDIT Stock Container Trading Account
• B) DEBIT Container Trading Account; CREDIT Container Stock Account
• C) DEBIT Container Profit Suspense Account; CREDIT Container Control Account
• D) DEBIT Container Control Account; CREDIT Container Trading Account

To record the transfer of stock from one department to another, the correct entry would be to debit?

• A. goods outwards and credit goods inwards
• B. merchandise account and credit department stock account
• C. department transfering and credit department receivving
• D. department receiving and credit department transfering

The basis upon which assets of an organization is valued is the

• A. historical concept
• B. business entity concept
• C. periodicity concept
• D. materiality concept

The chief accounting officer of a local government is the?

• A. Chairman
• B. Treasurer
• C. Director of personnel
• D. Auditor

Work-in-progress is the?

• A. value of party finished goods
• B. value of finished goods sold
• C. sales less cost of goods sold
• D. value of goods produced

In a non-profit making organisation, the excess of Assets over liabilities equals

• A. capital
• B. capital employed
• C. capital owned
• D. accumulated funds

Receipt and payments account is a summary of the?

• A. budget
• B. trading account
• C. cash book
• D. profit and loss account

The documents that provide instant information to firms on their tranactions with banks are

• A. bank statement and debit note
• B. cheque book and cashbook
• C. cheque stub and deposit slip
• D. payslip and credit invoice

The effect of overstating revenue expenditure in the profit and loss account is that the

• A. opening stock will be increased
• B. net profit will be understand
• C. net profit will be overstead
• D. opening stock will be decreased

Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

• A. cash and credit stationery
• B. purchase and credit stationery
• C. stationery and credit cash
• D. stationery and credit purchases