Q1 In a revaluation method, assets are revalued at the end
of the accounting period and this is compared with the value of the
asset at the beginning of the year, the difference is treated as
Q2 Using reducing balance method, given asset cost as 250,000; scrap
value as 30,000; an estimated life of 5 years; and at a rate of 20
percent, is the depreciation for the third year?
Q3 Using reducing balance method, given asset cost as 250,000; scrap
value as 30,000 an estimated life of 5 years; and at a rate of 20
percent, is the depreciation for the second year?
Q4 Using reducing balance method, given asset cost as 250,000; scrap
value as 30,000; an estimated life of 5 years and at a rate of 20
percent, is the depreciation for the first year?
Q5 Using a straight line method, given cost price as N160,000, estimated life as 15 years and scrap value as N10,000, is the amount of depreciation per year.
Q6 may be defined as a measure of the exhaustion of the effective life of an asset from any cause during a given period.
Q7 is the gradual and permanent decrease in the value of an asset from any cause.
Q8 Items in the balance sheet may be arrange in order.
Q9 A is a statement of the balances remaining in the books after the income and expenditure has been closed.
Q10 Net loss reduces balance in the balance sheet or statement of financial position.
Q11 Amount of goods in hand at the beginning of the period is called
Q12 are all expenses which have been incurred before the goods become ready for sale.
Q13 is a cheque that is not crossed.
Q14 A is a cheque that has two parallel lines drawn across its face.
Q15 A cheque is if its date shows it to have been in circulation for an unreasonable time.
Q16 The part retained in the cheque book for record purposes is called
Q17 A is an order in writing addressed to the bank asking the banker to pay a certain sum of money to the bearer.
Q18 The amount given on imprest ststem is known as
Q19 Petty cash book is maintained on
Q20 The amount of money given to petty cashier is called
Q21 The book maintained for recording all small payments is called
Q22 To indicate that the double entry for an item is on the opposite
side of the cash book and that no posting to the ledger is required, we
use
Q23 The cash book should always balance because total cash paid can never exceed the opening balance plus cash received.
Q24 The objective of the is to keep a daily record of the transactions relating to receipt and payments of cash.
Q25 Cash book with two columns shows
Q26 There are types of cash book.
Q27 plays dual role as a book of original entry as well as a ledger.
Q28 The total of sales returns journal is posted to
Q29 is issued to a customer by the supplier when goods are returned to the supplier.
Q30 The total of the sales journal is posted on the credit side of the
Q31 is given by the customer to the supplier for goods returned to the supplier.
Q32 opening entries, closing entries, purchases and sales of fixed assets on credit can only be recorded in
Q33 Journlizing transactions requires an attached
Q34 is used to record sales return.
Q35 is used to record goods sold on credit.
Q36 is primary a book of convenience.
Q37 The ledger is often described as a book of
Q38 Total debtors account can also be known as
Q39 is an account prepaid to check the accuracy of some specified ledgers.
Q40 N5,000 paid for rent and entered as repairs can best describe
Q41 Where the purchase of fixed asset is treated as trading expense, it can be referred to as
Q42 Where the correct amount is entered in the correct type of account but in the wrong account, it is said to be
Q43 method of trial balance facilitates the preparation of the final accounts.
Q44 method of trial balance stipulates that the difference of each amount is extracted.
Q45 statement focuses on testing the arithmetical accuracy of the ledger accounts.
Q46 may be said to be those that cause the asset to be put out of use even though it is in good physical condition.
Q47 may be defined as the parmanent and continuous diminution in the quality, quantity or value of an asset.
Q48 are also called factory or works expenses.
Q49 is concerned with those costs, which are directly embodies in the product.
Q50 Those liabilities which are payable within the next accounting period usually a year or already due is called
Q51 Those liabilities which are not payable within the next accounting
period but will be payable within next five to ten years is called
Q52
are those liabilities which are payable only in the termination of the
business such as capital which is a liability to the owner.
Q53 are cash or such items as marketable securities which can be converted into cash quickly.
Q54 Assets which are consumed in the process of operation are called
Q55 Net loss, goodwill, patents and trade marks are examples of
Q56 Those assets such as cash, debtors and stock that can be realized
and readily available to discharge liabilities are called
Q57 Those assets which are acquired and held permanently in the
business and are used for the purpose of earning profits are called
Q58 The most liquid asset is shown first and the most permanent asset is shown last in the balance sheet explains
Q59 The assets that is likely to stay longest with the business is written first in the balance sheet explains
Q60 There are orders in which the items in the balance sheet may be arranged.
Q61 is a statement in summary form of the balances remaining in the ledgers.
Q62 is the main purpose of an income and expenditure account.
Q63 In cooperative organizations, the net surplus is transferred to
Q64 is the equivalent of profit and loss account for non-trading account.
Q65 An indirect expenses of N2,400 in the trial balance had an accrual of N320 in the additional information, should be the amount charged to the profit and loss account.
Q66 An indirect expenses of N680 in the trial balance had a prepayment of N72 in the additional information, should be the amount charged to the profit and loss account.
Q67 An indirect income of N4,000 in the trial balance had an accrual of N440 in the additional information, should be the amount credited to the profit and loss account.
Q68 An indirect income of N8,000 in the trial balance had a prepayment of N700 in the additional information, should be the amount in the profit and loss account.
Q69 is the excess of indirect incomes over indirect expenses.
Q70 A profit and loss account is to determine
Q71 A trading account is to determine
Q72 is used to record immediately whenever a payment is made by cheque.
Q73 is prepared to bring the bank balance in the cash book into agreement with that in the bank statement.
Q74 If the cost of vehicle in the trial balance is N500,000 at 10 % depreciation. mount depreciation shall be shown in the balance sheet.
Q75 If the cost of vehicle in the trial balance is N5,000,000 at 10% depreciation with N50,000 as accumulated depreciation. amount shall be charged to the profit and loss account.
Q76 _________ are created to have ready money after a particular
period either for the replacement of an asset or for the repayment of a
liability.
Q77 Which method implies that earlier goods purchased are the first to be sold?
Q78 In a revaluation method, assets are revalued at
the end of the accounting period and this is compared with the value of
the asset at the beginning of the year, the difference is treated as
Q79 Using reducing balance method, given asset cost
as 250,000; scrap value as 30,000; an estimated life of 5 years and at a
rate of 20 percent, what is the depreciation for the third year?
Q80 Using reducing balance method, given asset cost
as 250,000; scrap value as 30,000; an estimated life of 5 years and at a
rate of 20 percent, what is the depreciation for the second year?
Q81 Using reducing balance method, given asset cost
as 250,000; scrap value as 30,000; an estimated life of 5 years and at a
rate of 20 percent, what is the depreciation for the first year?
Q82 Using a straight line method, given cost price as
N140,000, estimated life as 15 years and scrap value as N20,000, what
is the amount of depreciation per year?
Q83 The following are main causes of depreciation except
Q84 There are _______ orders in which the items in the balance sheet may be arranged.
Q85 __________ is not an account.
Q86 _________ are all expenses which have been incurred before the goods become ready for sale.
Q87 _______ cheque is a cheque that is not crossed.
Q88 How many types of cross cheques do exist?
Q89 When the bank submits the statement of account,
there may be some cheques when the drawer returns a cheque on the
condition that the cheque is stale, the accounting treatment would be
Q90 Most banks regard cheques to be stale if it has stayed for more than ______ months
Q91 Pay UAC Plc by cheque the sum of N720,000
Q92 Rent of N560,000 was paid to Mr Akin the Landlord
Q93 Where cash sales of N240,000 is made
Q94 Where goods are sold on credit to Tunde of N75,000
Q95 Where cash of N138,000 is paid into bank
Q96 If a business is started with N320,000, the posting would be
Q97 The principal book of accounts can best describe
Q98 A _______ account may be defined as a summary
statement of all the transactions relating to a person, assets, expenses
or income.
Q99 When a person receives anything, with which the
business has parted, the account of that person in the books of the
business must be
Q100 For every debit entry, there must be ________ credit entry.
Q101 The receiving aspect of every transaction is always recorded by a _______ entry.
Q102 The giving aspect of every transaction is always recorded by _______ entry.
Q103 The total debts and the total credits should always agree describes
Q104 When a property bought on credit is paid for, the double entry effect would be
Q105 The double effect of the transacting of buying a property on credit for use in the business will result in
Q106 What would be the double effect of cash loaned to a business?
Q107 The convention of conservation can also be known as convention of
Q108 Recording assets at their original purchase price best describes _______ concept.
Q109 ________ concept makes a distinction between the receipt of cash and the right to receive it.
Q110 The assumption that the business is not expected to be liquidated in the foreseeable future describes ______ concept.
Q111 Every business unit is different from the owner describes ______ concept.
Q112 The financial statement that is a mirror of the financial position of a firm is an interest of study to
Q113 Which of the following users of financial
information is focused on the business ability to meet its financial
obligations?
Q114 Information has no meaning unless it is linked with
Q115 The practice of accountancy in Nigeria is closely associated with
Q116 _______ is the work or profession of an accountant
Q117 _______ is the art of recording, classifying and
summarising in a significant manner and in terms of money,
transactions, events which are in part, at least, of financial character
and interpreting the result thereof
Q118 Income and expenditure, profit and loss of a business for a period of time are examples of
Q119 _______ are accounts of tangible things
Q120 Shareholders, creditors and debtors account are all examples of
Q121 ______ is in a summarized form of all business
transactions that have taken place with a particular person or things
specified
Q122 Ledger accounts are classified into ______ account
Q123 The amount by which the expenditure exceeds the income of a business in a given period is the
Q124 The amount by which the income of a business exceeds the expenditure during a given period is the
Q125 The amount owing to a business on account of goods or services supplied form part of the _______ of the business
Q126 The amount owing by a business on account of goods or services or money received are called
Q127 Owners of a cooperative societies are called
Q128 The capital contributed in joint stock companies is
Q129 Every proprietor of a business invest ______ in his business
Q130 ________ is defined as the science of recording
and classifying all the transactions of a business which involves the
transfer of money.
Q131 The closing stock would always be in the year's trial balance
Q132 Where an indirect income has an accrual in the
additional information, how would the accrual be treated in the profit
and loss account?
Q133 Where an indirect income has a prepayment in the
additional information, how would the prepayment be treated in the
profit and loss account?
Q134 Where an indirect expenses has an accrual in the
additional information, how would the accrual be treated in the profit
and loss account?
Q135 Where an indirect expenses has a prepayment in
the additional information, how would the prepayment be treated in the
profit and loss account?
Q136 The excess of indirect incomes over indirect expenses is the
Q137 The following items are treated in the trading account except
Q138 Opening stock plus purchases minus _________ is equal to cost of goods sold.
Q139 In cooperative organization, the net surplus (profit) will be transferred to
Q140 The focus of the profit and loss account is to determine the _____
Q141 The focus of the trading account is to determine the ______
Q142 Bank reconciliation statement is also required for audit purposes.
Q143 The adjusted balance will ______ the number of items shown in the bank reconciliation statement.
Q144 The following are to be substracted when cash balance is used as the starting point except
Q145 The following are to be added when cash balance is used as the starting point except
Q146 The main objectives of preparing ______ is to
account for the difference between the cash book and the pass book
balances.
Q147 When the balance shown by the bank statement is higher than the balance shown by the cash book, this can be due to
Q148 When the bank submits the statement of account,
there may be some cheques which have been issued but not yet presented
for payment.
Q149 Whenever a payment is made by cheque, the Account Officer immediately records it in his
Q150 The statement prepared to bring the bank balance
in the cash book into agreement with that in the bank statement is
called