ATTENTION:
Kindly note that you will be presented with 50 questions randomized from the NOUN question bank. Make sure to take the quiz multiple times so you can get familiar with the questions and answers, as new questions are randomized in each attempt.
Good luck!
ACC204
1 / 50
A. The adjusted cash book balance is _______
2 / 50
B. Which account is to be credited with the cash received in respect of trade receivables?
3 / 50
C. 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 _______
4 / 50
D. 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
5 / 50
E. ............... a chronological record of the transactions of a business entity
6 / 50
F. For every debit entry there is a corresponding credit entry. This principle represents _______
7 / 50
G. The cash book of a trader shows an overdrawn account. Which of the following will reduce the balance when the necessary recordings are completed?
8 / 50
H. The balance as per bank statement is ______
9 / 50
I. The following are optical Disks EXCEPT __________
10 / 50
J. What is the gross profit on sales worth GH¢240,000, if gross profit is 331/3% on cost of goods sold?
11 / 50
K. 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?
12 / 50
L. The accounting equation at the start of the month was:Assets N14,000 less liabilities N6,500.During the following month, the business purchased a non-current asset for N6,000, paying by cheque, a profit of N9,000 was made, and payables of N7,500 were paid by cheque. What would the balance on capital be at the end of month?
13 / 50
M. 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 ________
14 / 50
N. An amount spent in acquiring or adding value to a fixed asset/non-current asset is ________
15 / 50
O. The accounting measure used to match tax effect of transactions with their accounting impact is termed.......................
16 / 50
P. Which of these books of account could be classified as a subsidiary book as well as a ledger
17 / 50
Q. 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
18 / 50
R. The process of locating and eliminating errors from a program is known as ________
19 / 50
S. 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?
20 / 50
T. Which of these statements CANNOT be defined as income?
21 / 50
U. A Motor Van costs N100,000, Furniture N5,000, Creditors N25,000,. What is the capital account balance?
22 / 50
V. Non-current assets can best be defined as Items of machinery which are not moveable and are purchase with an intention of resale
23 / 50
W. 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?
24 / 50
X. State the journal entry to record a motor vehicle of N4,500,000 purchased on credit from SCOA motors.
25 / 50
Y. The core objective of accounting is ________
26 / 50
Z. The difference between an income statement and an income and expenditure account is that __________
27 / 50
AA. Which ONE of the following best describes the stewardship function?
28 / 50
AB. 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.
29 / 50
AC. A company bought a machine on 1 October year 1 for N52,000. The machine had an expected life of eight years and an estimated residual value of N4,000. On 31 March year 6, the machine was sold for N35,000. The company's year end is 31 December. The company uses the straight-line method for depreciation and it charges a full year's depreciation in the year of purchase and none in the year of sale. What is the profit or loss on disposal of the machine?
30 / 50
AD. Records of transactions used as the basis for recording accounting entries, such as invoices, cheque stubs and similar business papers are called ________
31 / 50
AE. The error made where the original figure is incorrect, yet double entry is still observed using the same figure is _________
32 / 50
AF. Which of the following would NOT be posted to the credit of payables control account
33 / 50
AG. A cheque issued and which remains with the payee for more than six months becomes a _______ cheque
34 / 50
AH. Using straight line method, what would be the annual depreciation charge for the second year of usage?
35 / 50
AI. The fall in value of non-current intangible assets as a result of passage of time is referred to as _________
36 / 50
AJ. The specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements are called ____________
37 / 50
AK. 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?
38 / 50
AL. The following are application packages EXCEPT.
39 / 50
AM. The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses is called ________
40 / 50
AN. 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 __________
41 / 50
AO. The Agreement of a trial balance will not disclose ONE of the following fundamental errors in the accounting books.
42 / 50
AP. Which one of the following should be accounted for as capital expenditure?
43 / 50
AQ. An error of commission occurs where the entries required for a transaction are partially omitted.
44 / 50
AR. Which of the following provides the origin of accounting information?
45 / 50
AS. Using straight line method, what would be the annual depreciation charge for the second year of usage?
46 / 50
AT. Which one of the following sentences does NOT explain the distinction between financial accounts and management accounts?
47 / 50
AU. Which of the following errors will cause the trial balance totals to be unequal?
48 / 50
AV. The source document that is used to write up the Sales Day Book is a _________
49 / 50
AW. In what way should users be able to compare an entity's financial statement?
50 / 50
AX. Credit sales are recorded in a ______
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