Q1 A system which has inbuilt linkages where there are other records which own numerous member records can best describe database.
Q2 The development of linkage systems with many more record types and linkages can best describe database.
Q3 Records are represented using table that is made up of rows and columns in database.
Q4 is a collection or pool of related data which is available for use by any number of application packages.
Q5 An accounting consists of a programme for executing an accounting function.
Q6 Expenses incidental to the representation of dishonoured bill will be charged on the debtor's account as
Q7 A bill becomes an accounting issue only when it has been accepted by the
Q8 is a bill of exchange drawn and payable in Nigeria
Q9 A is a specialised form of bill of exchange drawn on a banker and payable on demand
Q10 The cost of containers is not taken into consideration in costing the goods that are sold
Q11 containers create no problems to the accountant after sale because in costing the goods, the cost of packaging would have been taken into consideration.
Q12 In the consignor's book, main account will be opened.
Q13 A gives a brief description of the goods on consignment and the minimum price at which they could be sold
Q14 Goods sent to an agent are usually despatched in bulk and are termed as
Q15 A is a business activity undertaken jointly by two or more persons that are otherwise independent
Q16 assets that cannot be touched, although they may have value is called
Q17 Fixed assets that are depreciate through wear and tear are referred to as
Q18 A is the financial statement showing the assets, liabilities and owners' equity of an enterprise.
Q19 The cost of transporting goods to the customer is called
Q20 The cost of transporting goods into the company is called
Q21 Goods returned by the customer is called
Q22 Goods returned to the supplier is referred to as
Q23 Goods available for sale at the end of the trading period is called
Q24 Goods for sale at the beginning of the accounting year is called
Q25 Goods bought for resale are called
Q26 Cost of goods available for sale minus closing stock is equal to
Q27 Net sales minus cost of goods sold is equal to
Q28 Sales less returns inwards is equal to
Q29 Manufacturing firms include depreciation of plant and machinery or factory building in
Q30 is concerned with allocating cost of tangible fixed assets, amortization is concerned with intangible fixed assets.
Q31 , requires the annual accounts and balance sheet to reflect a true and fair view of the company’s affairs.
Q32 is the excess of the current assets over the current liabilities. That is, current assets – current liabilities.
Q33 The main objective of preparing the trading account is to determine
Q34 _can be defined as a schedule or list that shows the debit and credit balances extracted from the ledgers, to show the arithmetical accuracy of the ledgers.
Q35 is the fee paid to a notary public, preferably lawyer to represent dishonoured bill to the acceptor.
Q36 of coding tend to be more flexible and are thus more popular.
Q37 is an application package in which the accounting modules are integrated so that if data is entered in one module, all other modules affected would be updated either automatically or by the user’s command.
Q38 is any system which enables the definition, storage and retrieval of information from discrete files within a system.
Q39 The intersection of a column and a row is known as
Q40 appears on the computer monitor like a flat sheet of paper with columns and rows resembling an analysis sheet.
Q41 When the scrap value is deducted from the original cost of an asset, and the remaining figure divided by the number of years ‘useful life’ of the asset the method of depreciation used is
Q42 The transformation of raw material into finished goods is known as
Q43 In manufacturing Account all element of direct material, labour, expenses and factory overhead are charged to
Q44 The aggregate of direct material, direct labour, direct expenses and production overhead cost is called
Q45 A Situation where by a firm has no working capital and can not meet its current liabilities is called
Q46 The amount of the cost of an assets that is allocated to expenses during any accounting period is called
Q47 Gross profit less expenses is known as
Q48 Given the following data: Purchases N4,500, Returns outward N300, Returns inward N150, Carriage outward N830, Carriage inwards N260, Opening stock N935 and Closing stock N 1,000 . The value of the cost of goods sold is
Q49 The double entry required to record Net loss is
Q50 Assuming no returns outward or carriage inwards, the cost of goods sold will be equal to .
Q51 The correct double entry to transfer rent paid for the year to the profit and loss account is
Q52 A business operate its petty cash by using the imprest system. At the beginning of the month, the petty cashier was given N1,000 out of which she spent N800. She will be reimbursed with .
Q53 A debit note is a document made out when goods are
Q54 An item is subject to a 20% trade discount. Its price is N1,000. is the sales price.
Q55 The purchase of a motor vehicle on credit from Temi Ltd for use in a firm should be recorded as
Q56 The trading profit and loss account is also called
Q57 comprises different accounting modules such as cashbook sales ledger, purchase ledger, general ledger and payroll.
Q58 A bill drawn in Nigeria and payable in another country is a
Q59 An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed future date certain sum of money to the bearer is
Q60 Containers used for packaging of goods can be classified into
Q61 An additional level of layer of material design to protect the primary package is called
Q62 is any printed information which appear on the package of a product to describe the product in it.
Q63 Any item that contain goods for the purpose of either preservation or conveyance to an agreed destination is called
Q64 A paper called __gives brief description of the goods on consignment and the minimum amount it can be sold.
Q65 A person who send goods in a consignment arrangement is called a
Q66 A is an arrangement where by goods are sent to an agent who tries to sell them on behalf of the sender on commission basis.
Q67 A account is an account in which the balance reflect the aggregate balances of many related subsidiary accounts which are part of the double entry system
Q68 A technique use for the purpose of ascertaining profit in a manufacturing account is called
Q69 is a claim by an outsider on the assets of the business
Q70 are merely debit balances not written off, items of expenditure of unusual character which are not recoupable
Q71 is the statement that shows the presentation of the summary of assets and liabilities in a well arranged form, so that the financial position may be clearly ascertained
Q72 The book of agreement between parties in a joint venture is
Q73 When supplier is also a customer, it means has occurred.
Q74 The capital sum which represents the difference between the assets and liabilities belonging to the members of a society or club is referred to as
Q75 A Non-trading organisation's equivalent of a profit and loss account is called
Q76 ____________, requires the annual accounts and balance sheet to reflect a true and fair view of the company’s affairs.
Q77 Manufacturing firms include depreciation of plant and machinery or factory building in ____________
Q78 A system which has inbuilt linkages where there are other records which own numerous member records can best describe ________ database.
Q79 The development of linkage systems with many more record types and linkages can best describe _______ database.
Q80 Records are represented using table that is made up of rows and columns in _________ database.
Q81 _________ is a collection or pool of related data which is available for use by any number of application packages.
Q82 An accounting _________ consists of a programme for executing an accounting function.
Q83 A bill becomes an accounting issue only when it has been accepted by the _______
Q84 _______ is a bill of exchange drawn and payable in Nigeria.
Q85 A _______ is a specialised form of bill of exchange drawn on a banker and payable on demand.
Q86 The cost of ________ containers is not taken into consideration in costing the goods that are sold.
Q87 ________ containers create no problems to the accountant after sale because in costing the goods, the cost of packaging would have been taken into consideration.
Q88 In the consignor's book, _______ main account will be opened.
Q89 Goods sent to an agent are usually despatched in bulk and are termed as ________
Q90 A _______ is a business activity undertaken jointly by two or more persons that are otherwise independent.
Q91 Given the following data: Purchases N4,500, Returns outward N300, Returns inward N150, Carriage outward N830, Carriage inwards N260, Opening stock N935 and Closing stock N 1,000 . The value of the cost of goods sold is
Q92 The double entry required to record Net loss is :
Q93 The characteristic of a current asset will not include
Q94 Assuming no returns outward or carriage inwards, the cost of goods sold will be equal to
Q95 The correct double entry to transfer rent paid for the year to the profit and loss account is ?
Q96 Which of the following entries will be entered in the general ledger?
Q97 A business operate its petty cash by using the imprest system. At the beginning of the month, the petty cashier was given N1,000 out of which she spent N800. How much will she be reimbursed ?
Q98 Which of the following books of original entry should be used to record credit sales ?
Q99 A debit note is a document made out when goods are :
Q100 An item is subject to a 20% trade discount. Its price is N1,000. what is the sales price?
Q101 The purchase of a motor vehicle on credit from Temi Ltd for use in a firm should be recorded as:
Q102 Which of the following concept use the rule ''every transaction affects two or more ledger accounts.
Q103 A T- account shows a credit balance of N800 in the bank account and debit balance of N800 in the advertising expenses. Which of the following statement describes information given in accounts?
Q104 Balogun bought furniture on credit from Dr Idrisu. which of the following journal entries will be made for this transaction in Balogun's book?
Q105 Which of the following items are used to prepare a balance sheet? (i)the name of the firm (ii)the name of the financial statement (iii)the date it is being prepared (iv)the style for the preparation of the statement
Q106 Which of the following is an element of the accounting equation? (i)assets (ii)liabilities (iii)trial balance (iv)capital
Q107 The trading profit and loss account is also called
Q108 One of the detailed rule used to record business transactions is
Q109 Which of the following principles assumes that a business will continue for a long time?
Q110 Which of the following describes the practical frame work of bookkeeping?
Q111 Manufacturing firms include depreciation of plant and machinery or factory building in ____________
Q112 An organization can dispose off its fixed assets by either of the following except:
Q113 ____________is concerned with allocating cost of tangible fixed assets, amortization is concerned with intangible fixed assets.
Q114 ____________, requires the annual accounts and balance sheet to reflect a true and fair view of the company’s affairs.
Q115 _________is the excess of the current assets over the current liabilities. That is, current assets – current liabilities.
Q116 The main objective of preparing the trading account is to determine ____________
Q117 __________can be defined as a schedule or list that shows the debit and credit balances extracted from the ledgers, to show the arithmetical accuracy of the ledgers.
Q118 __________ is the fee paid to a notary public, preferably lawyer to represent dishonoured bill to the acceptor.
Q119 _______ of coding tend to be more flexible and are thus more popular.
Q120 _______ is an application package in which the accounting modules are integrated so that if data is entered in one module, all other modules affected would be updated either automatically or by the user’s command.
Q121 ___________ is any system which enables the definition, storage and retrieval of information from discrete files within a system.
Q122 The intersection of a column and a row is known as
Q123 __________ appears on the computer monitor like a flat sheet of paper with columns and rows resembling an analysis sheet.
Q124 The invariable result of double entry bookkeeping is that
Q125 When the scrap value is deducted from the original cost of an asset, and the remaining figure divided by the number of years ‘useful life’ of the asset the method of depreciation used is
Q126 The Ghana National Accounting Standards (GNAS 10) defines depreciation as:
Q127 In a non trading organisation, the following accounts are prepared except
Q128 Which of these is not a method of depreciation?
Q129 The amount of depreciation to be charged to the final account is determined by three of these factors except
Q130 All these are types of reserve except
Q131 The transformation of raw material into finished goods is known as
Q132 Which of the following cannot be regarded as an account?
Q133 Which of the following formats is used for the preparation of financial statements? (i)Vertical method (ii)Horizontal method (iii) Diagonal method (iv)T-method
Q134 In manufacturing Account all element of direct material, labour, expenses and factory overhead are charged to:
Q135 The aggregate of direct material, direct labour, direct expenses and production overhead cost is called
Q136 In manufacturing accounts, prime cost is derived by the aggregate of the underlisted except
Q137 The following are the causes of depreciation except
Q138 The correct accounting equation is
Q139 A Situation whereby a firm has no working capital and cannot meet its current liabilities is called
Q140 Which of the following will not be classified as an intangible assets ?
Q141 A company owns an assets that had an original cost of N65,000. The assets had an estimated useful life of 12years and an estimated salvage value of N5,000. the company uses the straight line method of depreciation. After 7 years, the company sells the asset for N23,000. What is the gain or loss?
Q142 The amount of the cost of an assets that is allocated to expenses during any accounting period is called
Q143 Which of the following would be classified as a long-term operational assets?
Q144 Which of the following statement does not help to describe fixed assets?
Q145 Which of the following will not appear in the trial balance as a debit balance?
Q146 Which of the following will not appear on the P&L account?
Q147 The cost of delivery of goods to the firm will be treated as:
Q148 Which of the following cannot appear on the Balance sheet?
Q149 Gross profit less expenses is known as :
Q150 Given the following data: Purchases N4,500, Returns outward N300, Returns inward N150, Carriage outward N830, Carriage inwards N260, Opening stock N935 and Closing stock N 1,000 . The value of the cost of goods sold is: