One of the reasons for the existence of the public sector is to?

• A. Take adequate care of the needy
• B. supplement the commercial sector
• C. provide cheap services to all citizens
• D. correct perceived inequalities

The main purpose of control account is to?

• A. detect errors and irregularities
• B. assist purchases
• C. assist sales
• D. check management incompetence

Given: Club N150 Cash sales N4,850 Club debtors at close N900 Cash received from debtors N550 What is the amount of club sales?

• A. N6,150
• B. N4,850
• C. N4,650
• D. N1,300

Use the information below to answer question .

Capital.....................N?

Profit and loss.............N3500

Current assets..............N?

Current liabilities.........N2000

fixed assets................N11000

The company maintains a current ratio of 3:1.

The capital balance is?

• A. N95 00
• B. N12 500
• C. 11 500
• D. 10 00

In the absence of a partnership agreement, a loan given to the partnership by a partner attracts interest of

• A. 7 %
• B. 5%
• C. 15%
• D. 10%

The concept of accounting that states all income and expenses must be brought into the accounting period they relate to whether received paid for or not is called

• A) monetary concept
• B) matching concept
• C) realization concept
• D) periodicity concept

In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?

• A. N8,900
• B. N9,800
• C. N14,600
• D. N16,400

Given:

Depreciation of plant and machinery N1,600

Factory rent N650

Indirect wages N695

General indirect expenses N726

lubricants N1235

Carriage inwards N829

Factory power N350

Bank charges N612

Carriage outwards N2,900

Determine the total factory overhead cost?

• A. N4,485
• B. N5,256
• C. N6,085
• D. N6,556

CR. DR.

Sales ledger balance 9, 500

Sales ledger balance 420

Bought ledgers balance 6, 115

Bought ledger balance 350

Credit sales 82, 000

Purchases journal 54, 700

Discount allowed 450

Discount received 200

Cash refunded to customers (debtors) 120

Purchases ledger balance 250

Sales ledger balance 120

The amount brought down in the sales ledger control account would be

• A. N9, N1740; N120
• B. N90, N990
• C. N90, N870; N120
• D. N80, N750

Which of these errors would be disclosed by the trial balance

• A) Selling expenses had been debited to sales account
• B) A cheque for ?321 from J.T Adam entered in Adam
• C) Credit sales of ?4015 entered in both double entry account as ?401
• D) A purchase of HI0,000 was completely omitted from the books