Which of the following is used to update the cash book in bank reconciliation?
A
Interest received and unpresented cheques
B
Commission and debit note
C
Unpresented cheques and direct credit
D
Interest received and direct credit
CORRECT OPTION:
d
2
The two legally recognized professional accounting bodies in Nigeria are the?
A
Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B
Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C
Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D
Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria
CORRECT OPTION:
c
3
Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?
A
N9700
B
N8700
C
N7900
D
N7800
CORRECT OPTION:
a
4
Verifiability in accounting is only possible when there are?
A
minutes of meetings
B
payment vouchers
C
source documents
D
audit certificates
CORRECT OPTION:
c
5
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The credit sales for the period would be?
A
N5000
B
N1900
C
N1000
D
N950
CORRECT OPTION:
c
6
Use the information below to answer question.
Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it.
The transaction would be recorded in the cash book as debit?
A
cash and credit bank
B
bank and credit cash
C
cash and credit cash
D
bank and credit bank
CORRECT OPTION:
b
7
Which accounting concept supports the assertion that economic reality takes precedence over legal issues?
A
Realization concept
B
Substance over form
C
Conservatism
D
Measurement concept
CORRECT OPTION:
b
8
The transaction that completes its double entry in the same ledger account appears in?
A
cash account and personal account
B
bank account and general ledger
C
discount received and discount allowed
D
cash account and bank accont
CORRECT OPTION:
d
9
The recording phase of accounting is known as?
A
bookkeeping
B
trial balancing
C
ledger accounting
D
final accounting
CORRECT OPTION:
a
10
Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?
A
N1000 + N500 + N1500 = N3000
B
N1000 - N500 + N1500 = N2000
C
N1000 + N500 = N1500
D
N1500 + N500 = N2000
CORRECT OPTION:
c
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