J accounting 16

Use the information below to answer the question that follows,
A machine bought for ₦35,000 was estimated to have a life span of
5 years with a scrap value of ₦9,000.
If the scrap value is now ₦15,000.

What will be the yearly depreciation using the straight line method?

Which of the following expenses relates to the profit and loss account of a manufacturing firm？

The effect of overstating revenue expenditure in the profit and loss account is that the

An organization which has records of only personal accounts is said to be operating on the basis of

The total cash and cheques received from customers in a control account is derived from
th

Balance as per cashbook 2, 970
Bank Charges 220
Unpresented cheques 3, 950
Uncredited cheques 4, 178
Direct debit by bank 1, 0000

Determine the balance as per bank statement.

A proprietor started business with #13,000. Assets and liabilities at the end of the year;
fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000.
Determine the profit for the year?

The difference between book keeping and accounting is that while

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets
#190,500. What is the firm's capital?

When stock is withdrawn for personal use, the accounting entries is to debit

Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k

Determine the amount received on final call.

When the purchase consideration is lower than the net asset, the buyer has gained the advantage of

Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent.
To record the discount in the book of Saka, debit

Which of the following condition would attract credit and debit notes to be used?

The costs of acquiring fixed assets and bringing them into the firm is a

One of the objectives of accounting is that it can be used for

An item in the balance sheet of a limited liability company is

When goods are sent to the branch at cost plus mark-up, it means that the branch should
sell at

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.

Turaki Youth Club Income and Expenditure for the year ended 31/12/04

##
Bal.b/d 390 Expenses on cleaning 300
Sales of - New tool 510
Trickets 4,000 Repairs 400
Donations 3,000 Electricity 350
Subscription 6,500
What is the total income for the period?

The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a

The major sources of revenue for the state and local governments is

Use the information below to answer the question that follows:

What is the total sales for the period?

Use the information below to answer the question that follows:

Purchases can be ascertained through the preparation of a

Which of the following is the capital reserve of a company?

When the fixed capital method is used, the partners' share of profits and remunerations are credited to the

The trader is capital in a single entry system is ascertained by preparing

The objective of departmental account is to

The major advantage of the journal proper is that it

A business organization prepares departmental account in order to

Opening balance of Dikscompany was #12,202, closing balance #15,300, total cash
received during the period #40,000. What wasthe amount of cash paid during the same period?

Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.

What is the net profit of Y?

A discount that is allowed to encourage a debtor to pay off his debt within a period is the

The documents that provide instant information to firms on their tranactions with banks are

Clifford pays rent of #200 per month for premises He paid #2,800 within the year. Compute the prepayment.

Given:Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000

The adjusted capital as at 31/1/2007 is

A receipt is an evidence of

Which of the following is a credit item in creditors ledger control account?

The income and expenditure account differs from receipts and payments account because it

Impersonal account is subdivided into

Which of the following is accounted for in receipts and payments account?

An increase in government expenditure within a year is taken care of by means of

I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank

From the information above, sources of income for a Not-for-profit-making organization include

The instrument used in analysis and interpretation of financial statement is the

I. The amount of the imprest is the same from one organization to
another
II.At the end of a fixed period, the petty cashier received a fixed sum of
money.
III. At the end of a period, the petty cashier is reimbursed with the
amount spent in that period.
IV. The system is a method by which a measure of control is kept on
petty cash expenses.

Which of the above is correct about the imprest system?