When a bill is negotiated to a bank, it is said be?
A
surrendered
B
cashed
C
discounted
D
accepted
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4
The main difference between the ordinary and preference shareholders is that?
A
the former receive dividends while the latter do not
B
the latter are not members of the company while the former are
C
in the case of winding up, the former are paid first before the latter
D
the former have voting rights while the latter do not
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5
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
A
draw up the statement of affairs
B
draw up a T-account to establish the amount
C
compare the journal entries with the cash book
D
cross-check the cash book for further information
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6
keeping records under the single entry system has the advantage of?
A
quality in terms of records
B
completeness in terms of records
C
accuracy in terms of operation
D
simplicity in terms of operation
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7
Which of the following branches of accounting was first developed?
A
Cost accounting
B
Financial acounting
C
Management accounting
D
Petroleum accounting
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8
The process of bookkeeping includes records produced from?
A
ledgers
B
source documents
C
minutes of meeting
D
imtuitive reasoning
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9
The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?
A
N509,600
B
N482,600
C
N428,600
D
N418,400
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10
Which of the following accounting records are source documents?
