Use the information below to answer this question

SegunOjo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000

Determine the closing capital 31/12/2014

• A. 17,500
• B. 38,200
• C. 20,700
• D. 27,200

The income and expenditure account of a club is the same as

• A. single entry account
• B. a profit and loss account
• C. a trading account
• D. a cash book

Use the information below to answer this question

Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, 2014, cash in hand was 1200, cash at bank 2,500, debtors 10,000, stock 20,500, furnishing 4,000 and creditors 17,000

Compute the capital as at 1st Jan, 2014.

• A. 27,150
• B. 43,350
• C. 16,200
• D. 34,350

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

• A. N52,000
• B. N51,000
• C. N55,000
• D. N50,000

What will be the number of shares to be issued to a subscriber who applied for 50,000 units.

• A. 20,000
• B. 18,000
• C. 15,000
• D. 12,000

Keeping records under single entry system has the advantage of

• A. Quality in terms of records
• B. Simplicity in terms of operation
• C. Accuracy in terms of operation
• D. Completeness in terms of records

An entry in a subsidiary book which does not form part of the double entry system is a

• A. contra entry
• B. single entry
• C. journal entry
• D. memorandum entry

Which of the following accounts is debited when a delivery van is sold for cash?

• A. sales account
• B. delivery van account
• C. cash account
• D. profit and loss accounts

The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

• A. conversion
• B. control
• C. allocation
• D. analysis

Accounting information is used by investors and creditors of a company to predict

• A. potential merger candidates for the company
• B. appropriate remunerations for the company
• C. future cash flows of the company
• D. future tax payments of the company