The accuracy of journalist is checked by?

• A. ensuring that debit totals equal credit totals
• B. posting all journal entries to ledger accounts
• C. adding all figures in the debit column
• D. comparing accounts in the ledger against the journals

Impersonal accounts contain

• A) capital and cash account
• B) nominal account and real account
• C) real and cash account
• D) capital and real accounts

Abba offers 5% cash discount on goods worth N10 000, The discount allowed account is to be?

• A. debited with N10 000
• B. credited with N10 000
• C. debited with N500
• D. credited with N500

Cost classification in relation to charges is determined by the level of?

• A. raw materials
• B. labour
• C. activity
• D. profitability

Given: Net profit-----------------------N25,000

Cost of sale---------------------N25,000

Sales----------------------------N85,000

Determine the total expenses.

• A. N45,000
• B. N35,000
• C. N25,000
• D. N15,000

A limited liability company has an authorized share capital of N50 million split into 100 million shares 80 million share was offered for subscription at 60k per share payable in full on application. These have been fully subscribed and issued What is the nominal value of each share?

• A. N2
• B. N0.80
• C. N0.60
• D. N0.50

Given:

General expenses account.

Paid by cheque..................N671

Paid by cash....................N70

Accrued b/f.....................N65

Accrued c/f.....................N115

Determine how much to be charged to profit and loss account?

• A. N606
• B. N786
• C. N791
• D. N856

Mini Enterprises Sales Ledger as at 31/12/94 read: N Balance b/f 12750 Total credit sales 28185 Payments by debtors 12112 Discount allowed 638 Sales returns 1500 Prepare the sales ledger control account and determine the balance due from debtors.

• A. N40,935
• B. N27,961
• C. N26,685
• D. N1,185

In analyzing incomplete records, which of the following should be investigated?

• A. the general ledger
• B. the purchases day book and sales day book
• C. the nature of trading activities and the basis on which goods are sold
• D. the asset register together with the depreciation schedule

Erroneous rearrangement of financial figures such as writing N624 as N 264 is called

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