ACC204

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

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

C. The data storage hierarchy is as follows:

D. Items that are normal to activity of an enterprise and abnormal as a result of their infrequency of occurrence and size are known as..........................

E. Goldspring Enterprises had a prepaid insurance of L$6,000 at the beginning of 2010. During the year, an insurance premium of L$32,000 was paid, while the prepaid insurance stood at L$4,000. What is the insurance expense for 2010?

F.  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?

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

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

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

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

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

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

M.  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: _________

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

O.  The effect of the error on the financial statements, if not detected, would include the following except

P. 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?

Q. Which of the following would NOT be posted to the credit of payables control account

R. Which of the following provides the origin of accounting information?

S. Annual rent payable is 500,000. Rent prepaid at 1 January, 2016 was 80,000 and rent accrued at 31December 2016 was 60,000. How much was paid in respect of rent in 2016

T. 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 _______

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

V. 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?

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

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

Y. A Motor Van costs N100,000, Furniture N5,000, Creditors N25,000,. What is the capital account balance?

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

AA. 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?

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

AC. 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?

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

AE. 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?

AF.  The adjusted cash book balance is _______

AG. An amount spent in acquiring or adding value to a fixed asset/non-current asset is ________

AH. 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

AI.  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 ________

AJ.  The following are application packages EXCEPT.

AK. 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?

AL.  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 __________

AM. Which of these statements CANNOT be defined as income?

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

AO. On 1 January 2013 a motor vehicle, with the expected useful life span of 5 years and residual value of N100,000, was acquired for N1,600,000. Using sum-of-the-years digit method, what is the second year depreciation provision of the motor vehicle?

AP. What is an imprest system?

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

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

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. Credit sales are recorded in a ______

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

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

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

AX.  At the end of the first year of trading, a trader's receivables amounted to 5,000. This excludes 180 debts found to be irrecoverable. At the same date, it was estimated that 70 of the 5,000 would still turn out to be irrecoverable debts. Determine the net realizable value of receivables at the end of the first year of trading.