ACC204

A. 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?

B.  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?

C. The process of transferring the debit and credit items recorded in each journal to the relevant accounts in the ledger is called ________

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

E.  The Depreciation methods that ensure that the depreciation charged against income reduces as the year of usage of the non- current assets increases is known as ________

F. The document that is filled/completed to support cash lodgement in a bank is called ________

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

H. The error made where the original figure is incorrect, yet double entry is still observed using the same figure is _________

I.  The adjusted cash book balance is _______

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

K. A present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying is expected to result in an outflow from the entity of resources embodying economic benefits, is known as _______

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

M. Which of the following is NOT correct in differentiating between sole trader and limited liability companies?

N. The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses is called ________

O. Which ONE of the following expenses should be included in prime cost in a manufacturing account?

P.  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 _______

Q.  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 __________

R. 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.

S. The amount of wages paid to an employee after making appropriate deductions is referred to as ________

T. 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?

U. The VAT which is charged by suppliers on goods purchased is termed....................

V. For every debit entry there is a corresponding credit entry. This principle represents _______

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

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

Y. P is a sole proprietor whose accounting records are incomplete. All the sales are cash sales and during the year N50,000 was banked, including N5,000 from the sale of a business car.He paid N12,000 wages in cash from the till and withdrew N2,000 per month as drawings.The cash in the till at the beginning and end of the year was N300 and N400 respectively.What were the sales for the year?

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

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

AB. The fact that allowances are made against doubtful debts upholds the concept of __________

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

AD. Which one of the following should be accounted for as capital expenditure?

AE. Which of the following are used in a coding system for accounting transactions?

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

AG. The excess of Gross Profit over operating expenses is ________

AH. On 1 June year 1, H paid an insurance invoice of N2,400 for the year to 31 May year 2. What is the charge to the income statement and the entry in the financial statement for the year ended 31 December year 1?

AI. Which of the following accounting records is used to determine the arithmetical accuracy of ledger posting?

AJ. A cheque issued and which remains with the payee for more than six months becomes a _______ cheque

AK.  Which of the following should NOT be included in cost of inventory?

AL. The difference between the monetary value of output and input of goods and services attributed to a business is called..........................

AM. Which accounting concept does not agree with making allowance for discount receivable?

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

AO. A statement to agree the difference between the Cash Book and the Bank Statement balance is called ________

AP. Which of the following reconciliation items will affect the cash book balance?(I)Bank error overstating the bank balance(II)Cash book error, overstating the bank balance (III)Income received through the bank (IV) Imprest cheques

AQ. The core objective of accounting is ________

AR. The data storage hierarchy is as follows:

AS. Salaries paid in the month was N26,152. Outstanding balance at the end of the month was N848. The salaries include an amount of N3,600 paid to the owner. What is the amount to be charged against the Profit and Loss Account for the month?

AT. On 1 May, A pays a rent bill of N1,800 for the twelve months to 30 April. What is the charge/credit to the income statement for the year ended 30 November?

AU.  In preparing financial statements, the bad debts account is closed by a transfer TO

AV. The source of data for the recording of sales day book of a business enterprise is ________

AW. The costs incurred in the normal course of business to generate revenue is called........................

AX. The source of data for recording the Returns Inward Book of a business entity is ________