Fixed assets N85,600 Sales N197,000

Stock N34,300

Salaries N37,000

Purchases N127,700

Share capital N120,000

Creditors N16, 050

Motor expenses N10,500

Debtors N25,000

Determine the total of the trial balance?

• A. N335,050
• B. N333,050
• C. N323,050
• D. N230,550

Cost accounting entails the provision of information?

• A. for investment purposes
• B. for descision making
• C. to shareholders
• D. to stockholders

If a property developing company sells a completed building to an interested third party, this sale can be treated in the books of the company as?

• A. capital receipt
• B. revenue receipt
• C. windfall receipt
• D. miscellaneous receipt

Given: 31/12/98 31/12/99

Assets: Plant and Mach. N1,500 N1,200

Fixtures N700 N520

Stock N500 N600

Debtors N900 N400

Cash N200 N300

Liabilities: Creditor N500 N600

Loan N600 N400

Determine the total fixed assets from the opening balance sheet?

• A. N2,200
• B. N2,020
• C. N1,720
• D. N2,070

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

Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000 What is the purchases ledger balance?

• A. N4,000
• B. N23,000
• C. N24,000
• D. N29,000

Palaju Enterprises had fixed assets costing N900,000 with provision for depreciation of N150,000 were disposed of during the period. Fixed assets of N100,000 were added during the year. Provision for depreciation was N350,000 at the beginning of the year and N300,000 at the end of the year. The depreciation expenses charged for the year is?

• A. N450,000
• B. N250,000
• C. N150,000
• D. N100,000

For an incomplete record to provide necessary information, it must be converted to?

• A. complete records
• B. double entry records
• C. statement of affairs
• D. single entry

Purchases ledger opening balances N4,000 Sales ledger opening balances N6,000 Credit purchases during the year N25,000 Discounts allowed N1,000 Returns inwards N2,000 Credit sales during the year N10,000 Returns outwards N6,000 Calculate the sales ledger balance?

• A. N3,000
• B. N6,000
• C. N10,000
• D. N13,000

The current growth in the volume of trading and financial dealings in Nigeria is helped by?

• A. increased financial activities
• B. government intervention
• C. credit as a factor in business
• D. payment for goods in cash