ACC204

A. Electricity bill of N10,000 incurred during the year was not charged as an expense for that year. The error committed is ....................

B. When there is inflation, the historical cost convention has the effect of _________

C. The following are optical Disks EXCEPT __________

D. The accounting measure used to match tax effect of transactions with their accounting impact is termed.......................

E. The objective of financial statements is it enables users to assess the performance of management and to aid in decision making

F. Extended Trial Balance is an alternative way of arriving at the figures to be included in the __________

G. An increase in inventories of N500 and a decrease in the bank balance of N600 and an increase in payables of N1,400 results in:

H. An error of commission occurs where the entries required for a transaction are partially omitted.

I. When recognizing income under the accrual basis, which of the following statements is correct

J.  A company includes in inventory goods received before the year end, but for which invoices are not received until after the year end. This is in accordance with ______

K. A piece of software that has become popular as an Accountant's tool is referred to as .......................

L. The excess of current assets over current liabilities is ........................

M.  An item of property, plant and equipment costing N600,000 was bought on 1 January, 2011. Depreciation was provided at 20% annually on straight-line basis and computed up to the point of sale. It was sold on 30 June, 2014 for N157,500. In the year of sale, profit is _______

N. The relevant concept that justifies the charging to expense the cost of small waste basket even though the basket has useful life of several years is known as a ________

O. During year 2016, Victor paid rent amounting to 500,000. He owed 50,000 at the beginning of the year and by 31 December 2016, he had paid rent in advance of 100,000. His rent charge for 2016 was?

P. The entries in a sales ledger control account are:Sales 250,000; Bank 225,000; Sales returns 2,500; Bad debts (irrecoverable debts?) 3,000; Bad debts (irrecoverable debts?) 3,000;Returned unpaid cheque 3,500; Contra with purchase ledger account 4,000;What is the balance on the sales ledger control account

Q. The difference between an income statement and an income and expenditure account is that __________

R. S purchased equipment for 80,000 on 1 July year 1. The company's accounting year end is 31 December. It is S�??s policy to charge a full year's depreciation in the year of purchase. S depreciates its equipment on the reducing balance basis at 25% per annum. What is the net book value of the equipment at 31 December year 4?

S. The idea that an accounting entity will not be wound up in the foreseeable future is ________

T. Which of the following would result from an increase in the allowance for doubtful debts?

U. The process of locating and eliminating errors from a program is known as ________

V. Using straight line method, what would be the annual depreciation charge for the second year of usage?

W.  A sole proprietor paid his personal Income Tax by withdrawing cash for the payment from his business. The double entry posting in ledger with respect to the above transaction is: _________

X. Which of these books of account could be classified as a subsidiary book as well as a ledger

Y. A method of keeping accounts whereby revenue and expenses are recorded in the books of account when received and paid without regard to period to which they apply is called....................

Z. A car was purchased for N12,000 on 1 April in year 1 and has been depreciated at 20% each year straight line, assuming no residual value. The company policy is to charge a full year�??s depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August in year 4 for an agreed figure of N5,000. What was the profit or loss on the disposal of the vehicle in year 4?

AA.  Non-current assets can best be defined as Items of machinery which are not moveable and are purchase with an intention of resale

AB.  The adjusted cash book balance is _______

AC. B operates the imprest system for petty cash. At 1 July there was a float of N150, but it was decided to increase this to N200 from 1 August onwards. During July, the petty cashier received N25 from staff for using the photocopier and a cheque for N90 was cashed for an employee. In July, cheques were drawn for N500 for petty cash.What was the total expense paid from petty cash in July?

AD. The accounts of credit suppliers are contained in the ........................ ledger

AE.  The profit of a business may be calculated by using which one of the following formulae?

AF. When a debt thought to be irrecoverable and written off is subsequently recovered, which additional entry is required to complete the two entries given below? I. Debit Personal Account/Credit Irrecoverable Debts Recovered Account II. Debit Cash/Bank Account/Credit Personal Account

AG. Which ONE of the following best describes the stewardship function?

AH. N operates an imprest system for petty cash. On 1 February, the float was N300. It wasdecided that this should be increasedto N375 at the end of FebruaryDuring February, the cashier paid N20 for window cleaning, N100 for stationery and N145 forcoffee and biscuits. The cashier received N20 from staff for the private use of the photocopier and N60 for a miscellaneous cash sale.What amount was drawn from the bank account for petty cash at the end of February?

AI.  The Agreement of a trial balance will not disclose ONE of the following fundamental errors in the accounting books.

AJ. Which of the following is NOT an accounting concept?

AK. The excess of current assets over current liabilities is known as ________

AL. The financial statement that presents the assets, liabilities and equity interest of an entity at a point in time is called ________

AM. Accrued Salaries of N18,000 due to employees for December 31 2015 was omitted and not included in the financial statements prepared for the year ended 31 December 2015 Which of the following will be correct?

AN. In what way should users be able to compare an entity's financial statement?

AO. Which account is to be credited with the cash received in respect of trade receivables?

AP. What term describes a possible obligation that arises from past event, where the existence of the obligation will be confirmed only in the future, with the occurrence or non-occurrence of an event that is not wholly within the control of the enterprise?

AQ. On 1 May, East owed a supplier N1,200. During the month of May, East:(1)Purchased goods for N1,700 and the supplier offered a 5% discount for payment within the month.(2)Returned goods valued at N100 which had been purchased in April. (3)Sent a cheque to the supplier for payment of the goods delivered in May.What is the balance on the supplier�??s account at the end of May?

AR.  Z's bank statement shows a balance of N825 overdrawn. The bank statement includes bank charges of N50, which have not been entered in the cash book. There are unpresented cheques totaling N475 and deposits not yet credited of N600. The bank statement incorrectly shows a direct debit payment of N160, which belongs to another customer.What figure for the bank balance should be shown in the statement of financial position?

AS. State the journal entry to record a motor vehicle of N4,500,000 purchased on credit from SCOA motors.

AT.  The opening inventory of a firm at the beginning of the financial year is N30,0000 and at the end of the financial year it isN20,000 while the sales and purchases are N350,000 and N250,000 respectively.What is the Gross Profit or Loss?

AU. A vehicle was purchased on 1 January 2011 at a cost of N2,000,000 and was depreciated at 25% on cost. It was sold on 31 December 2013 for N1,400,000. Full-year depreciation 25% on cost. It was sold on 31 December 2013 for N1,400,000. Full-year depreciation was charged in the years of purchase and disposal. Determine the profit or loss on the disposal

AV. A trader had trade receivables of 50,000 at the end of his accounting period. Trade receivables at the beginning of the period was 60,000. His policy is to make allowance for doubtful debts at the rate of 5%. State the change in value of the allowance for doubtful debts at the end of the current accounting period.

AW.  Use the following details to answer.Trade receivables control account balance 500,000.00 Allowance for doubtful debts 50,000.00 Allowance for discount allowed on receivables 5%.The receivables figure to be shown under current assets in the Statement of Financial position is __________

AX. A customer owing 200,000 was allowed to pay 180,000 in full settlement of his indebtedness. This results in a _____