Telegram group: T.me/BBCNOUN ====== ACC203 ====== 1. Ufser of financial information that is interested in accounting information to determine the company income tax to be paid, compliance with government rules and regulations governing the operation of the business is Shareholders --->> Government Employees Banks 2. Accountants prepare some analysis such as ……………. from the financial statements --->> all of the above cash ratio liquidity ratio returns on investment 3. Accounting services carried out at the local, state and federal government ministries and parastatals is Management accounting Cost accounting Private sector accounting --->> Public sector accounting 4. Essential features of a business organisation include; i. The need to make profit. Ii. There is an element of risk. Iii. Aim of continuity. Iv. There is no exchange between the parties i, ii and iv i, iii and iv --->> i, ii and iii All of the above 5. Given that at the beginning of the month, a petty cashier was given N1 000 out of which she spent N800. How much will she be reimbursed? N200 --->> N800 N1000 N1800 6. Credit notes issued for goods returned to a supplier will be entered firstly in the General journal Returns inwards journal --->> Returns outwards journal Petty cash journal 7. Which of the following books of original entry should be used to record credit sales? --->> Sales journal Sales returns journal Purchases journal Purchases returns journal 8. Which of the following entries will be entered in the General journal? Sold goods on credit Goods purchased and paid by cash --->> Investment made by the owner Purchase goods on credit 9. One of the following is not a function of an accountant Preparation of Financial Statements Maintenance of Books of Accounts Interpretation of Financial Statements --->> None of the above 10. A debit note is a document made out when goods are returned overcharged sold --->> undercharged