(i) Facilitating the preparation of final accounts (ii) Making the existence of error easy to detect (iii)Checking the accuracy of positions periodically.

From the above, which of the following are among the uses of control accounts?

• A. i, ii and iii
• B. i and iii
• C. ii and iii
• D. i and ii

The fourth stage of the accounting information system is?

• A. recording
• B. interpreting
• C. summarizing
• D. classifying

Use the information below to answer question

Debtors.................................N20

Provision for bad debts..................10%

Provision for discount on debtors........5%

Determine the amount provided for discount allowed on debtors?

• A. N1000
• B. N3000
• C. N900
• D. N1500

Use the information below to answer question

Net loss.......................N2300

Capital........................N10500

Liabilities....................N7200

What will be the equity of the business?

• A. N12 800
• B. N4900
• C. N8200
• D. N9500

Use the information below to answer question

Stock (1/1/02) at selling price..........N2000

Goods sent to branch (selling price).....N?

Sales by branch (selling price)..........N4500

Stock (31/12/02).........................N?

Opening stock is 1/4 of goods sent to branch.

The value of goods sent to branch is?

• A. N4 000
• B. N6 000
• C. N8 000
• D. N2 000

Use the information below to answer question

Debtors.................................N20

Provision for bad debts..................10%

Provision for discount on debtors........5%

The provision for bad debt is?

• A. N2000
• B. N800
• C. N3000
• D. N1900

Use the information below to answer questions.

Entrance fees.........................N1200

Subscriptions(including N850 arrears).N4310

Donations received....................N1500

Proceeds from sales...................N2300

Total payments........................N8200

Depreciation..........................N2100

Closing cash balance..................N1110

The club deposited 200% of the closing cash balance in he bank during the period.

Calculate the total figure for the receipt and payments account?

• A. N11 410
• B. N13 630
• C. N9 310
• D. N11 530

Given:

Prepaid b/f.......................N10 000

Cash paid during the year.........N20 000

The amount to be charged to the profit and loss account is?

• A. N30 000
• B. N25 000
• C. N5 000
• D. 20 000

Use the information below to answer question

An asset was purchase for N343m in 2003.

The estimated life of the asset was 3 years with a residual value of N28m.

Using the straight method. The depreciation of the asset in the first year was?

• A. N210m
• B. N343m
• C. N105m
• D. N270m

One of the benefits of book-keeping records is that they?

• A. give prospective investors accurate and direct information for decisions-making
• B. provide the public and creditors with details of the operations of an entity
• C. give legal backing to all the transactions undertaken by a business entity
• D. provide information without which the task of management would be difficult