The process of bookkeeping includes records produced from?
A
ledgers
B
source documents
C
minutes of meeting
D
imtuitive reasoning
Correct Option:
C
No further explanations yet...
2
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
Correct Option:
B
No further explanations yet...
3
Which of the following accounting records are source documents?
A
Journal and ledgers
B
Sales invoice and cash book
C
Cash book and debit note
D
sales invoice and debit note
Correct Option:
D
No further explanations yet...
4
Accounting information is used by investors and creditors of a company to predict
A
future cash flows of the company
B
future tax payments of the company
C
potential merger candidates for the company
D
appropriate remunerations for the company's staff
Correct Option:
A
No further explanations yet...
5
The receipt from a special tax levy to pay maturing interest obligation are recorded in
A
capital fund project
B
Debt Service Fund
C
Tax Assessment Fund
D
Special Revenue Fund
Correct Option:
C
No further explanations yet...
6
The principle use of control accounts is to
A
localize error within the ledger
B
prevent fraud
C
increase sales
D
record assets and liabilities
Correct Option:
A
No further explanations yet...
7
The acid test ratio in the company is
A
1:1
B
1:2
C
2:3
D
3:2
Correct Option:
B
No further explanations yet...
8
The interest on Keme's drawings is calculated as?
A
N200
B
N150
C
N300
D
N100
Correct Option:
A
No further explanations yet...
9
Which of the following is a signatory to federal government account?
A
Auditor-General
B
Governor of Central Bank
C
Accountant-General
D
Persident
Correct Option:
C
No further explanations yet...
10
An instrument which allows public officers to increase expenditure within a year is
A
statutory allocation
B
supplementary budget
C
virement
D
warrant
Correct Option:
B
No further explanations yet...
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