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Category: ACC204

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ACC204

1 / 50

 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.

2 / 50

 The following are application packages EXCEPT.

3 / 50

A Motor Van costs N100,000, Furniture N5,000, Creditors N25,000, what is the Loan amount. If Loan is 30% of the creditor's figure

4 / 50

What is the gross profit on sales worth GH¢240,000, if gross profit is 331/3%    on cost of goods sold?

5 / 50

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

6 / 50

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?

7 / 50

The balance as per bank statement is ______

8 / 50

H began trading on 1 July. The company is now preparing its accounts for the accounting year ended 30 June year 1. Rent is charged for the year from 1 April to 31 March, and was N1,800 for the year ended 31 March year 1 and N2,000 for the year ended 31 March year 2. Rent is payable quarterly in advance, plus any arrears, on 1 March, 1 June, 1 September and 1 December.The charge to H �??S income statement for rent for the year ended 30 June year 2 is _____

9 / 50

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?

10 / 50

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 _______

11 / 50

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

12 / 50

 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?

13 / 50

 A company's net profit for the year ended 30 June, 2014 was N6,500,000. It was found that N1,800,000 paid for maintenance of motor vehicles had been debited to motor vehicle account and depreciated at 25% on cost (full year charge) in line with the company's policy. What would be the net profit after adjusting for the error?

14 / 50

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....................

15 / 50

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

16 / 50

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?

17 / 50

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?

18 / 50

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

19 / 50

The specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements are called ____________

 

20 / 50

What is an imprest system?

21 / 50

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

22 / 50

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

23 / 50

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

24 / 50

The cash book of a trader shows an overdrawn account. Which of the following will reduce the balance when the necessary recordings are completed?

25 / 50

Which of these statements CANNOT be defined as income?

26 / 50

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

27 / 50

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

28 / 50

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

29 / 50

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:

30 / 50

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

31 / 50

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

32 / 50

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

33 / 50

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

34 / 50

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

35 / 50

 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 ______

36 / 50

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

37 / 50

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

38 / 50

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

39 / 50

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

40 / 50

The following are optical Disks EXCEPT __________

41 / 50

The core objective of accounting is ________

42 / 50

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

43 / 50

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.

44 / 50

 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 _______

45 / 50

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

46 / 50

One of the following is a disadvantage of Application Packages.

47 / 50

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

48 / 50

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

49 / 50

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?

50 / 50

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

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