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Involves recording, analyzing, and interpreting financial information to inform decision-making, financial planning, and control within organizations.
What is the value of the opening capital? Image: file:///C:/Users/acer/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif
An item that distinguished single column and double column cash book is ……………..
How would an accountant record an increase in cash?
Bad debts written off is shown as
A machine which was bought on 1st January 2015 for N40,000.00 It was expected to spend four yrs. It was revalued at the end of 2015 at N35,000.00 the value of depreciation is -------.
The balance in a sales ledger control account indicates:
Another word for start-up fund for business is ……… a
Which of the following books of original entry is a ledger and also a journal?
Where fixed capital are maintained, partner's drawings are transferred to the
Place the following in the order that they show up on a Balance sheet, starting with the left column then moving to the right column.
The term "folio" in account means -----
The assets of a business can be classified broadly into
…………. is the section of the financial market that is used for buying and selling of assets which have short term life span that is financial instruments with original maturity within a year?
What is the interest of the owners in the business known as?
……… ratio checks the liquidity level of the assets of the business.
Determine the net effect of the transaction by keying in i = increased, d = decreased, and n = no effect.Invested cash in a business: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example, i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.)
Purchases journal is used to record goods bought on ………..
Information is based on actual costs incurred in transactions.
What is the net book value of the asset after 2nd year using reducing balance method?
……….. are usually stated in the invoice?
Assets minus Liabilities equals to [Blank].
The reduction in the value of goodwill is
All the following are examples of source documents except?
Which of the following best describes the meaning of "Purchases
Depreciation of Plant and Machinery is treated in manufacturing account as
Which of the following is not recorded in the partnership appropriation account?
What is the normal Balance of Notes Payable
Which of the following is a Trading account item
A partner whose liability goes beyond his capital is known as
All transactions recorded in the prime book are eventually posted to ……………
Cash, Debtors, Land, and Equipment are examples of [Blank]___. (State whether these are Assets, Liabilities, or Owner's Equity).
The act of collecting, recording and interpreting accounting data is ------
Which of the following is equivalent to the Receipt and Payments account?
……. is a memorandum account for all debtors or creditors in an organization.
Which of the following errors will affects the totals of a trial balance?
When any entry is made on both sides of cash book, it is called…………
The owner withdraws cash for personal use
A written policy document issued by expert accounting body or body of government or regulatory body covering the aspects of recognition, treatment, measurement, presentation and disclosure of accounting.
An accounting period can range between ………….
Transfer pricing is a term used in
Which account contains both real and nominal?
Which of the following is not a source document?
In manufacturing account, prime cost consists of direct material, direct labour and
The Accounting Equation must always be in balance?
What is the normal Balance of Utilities Expense
Use the information below to answer the following question. Opening stock of raw materials 24,750Purchases of raw materials 123,640Carriage on raw materials 10,000Closing stock of raw materials 45,000Factory supervisor's salary 30,000Wages of factory workers 50,000Royalties paid 18,000Insurance of factory 62,000Work in progress 23,000Raw materials returned 12,200The total overhead expenses is
Which accounting concept gives rise to the accounting equation?
Cash sales worth ₦15,000
GAAP stands for:
If liabilities equal $400 and owner's equity equals $800, what do the assets equal?
Where records maintained are inadequate to facilitate the preparation of a trading, profit or loss account, this is described as
When a new partner is admitted in to the business, apart from the capital of the business, he also brings in
The asset referred to in the above information is __________.
Which of the following is not an accounting concept
The owner withdraws business assets for personal use.
Which of the following is not a liability
Use the following to answer questions 60 - 62 NSales 35,000Purchases 20,000Closing stock 10,050Carriage outwards 650.00Carriage inwards 400.00Returns outwards 100.00Returns inwards 200.00Salaries 600.00Wages 400.00 The cost of goods sold is ____________.
………... signifies the embodiment of all structures, platforms and process put in place for smooth running and regulation of the monetary flows n the Nigerian economy?
Use the following to answer questions 60 - 62 NSales 35,000Purchases 20,000Closing stock 10,050Carriage outwards 650.00Carriage inwards 400.00Returns outwards 100.00Returns inwards 200.00Salaries 600.00Wages 400.00 Calculate the gross profit.
What is the normal Balance of Interest Revenue?
The process of ascertaining the new market value of an asset is termed
Match the following
When a transaction is completely left out, it is an error of
What is the depreciation charged for the 2nd year at 20% per annum using reducing balance method?
Rent paid in advance appears in the balance sheet as …………..
Inventory is recorded at the lower of cost or net realizable value rather than the expected selling price. This ensures profit on the sale of inventory is only realized when the actual sale takes place.
The company receives cash from a bank loan
The concept that shows separation between owner and his business is ………
Transaction are usually affected by entries -----
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Repay a bank loan: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example, i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.If Assets increased and decreased and Liabilities have no effect and Owner's Equity has no effect, the answer should be id n n).
What is the gross profit?
Good sold to consumer on credit are posted in ………..
The amount for which a business is sold is the
The owner invests personal cash in business.
Accounting is referred to as the "language of ___________________."
Information needed for subsidiary books preparation are extracted from ………..
The owner contributes her personal truck to the business
Subscription received in advance are
The Accounting Equation is
The Corona Limited Co. has three plants nationwide that cost a total of P200 million. The current fair value of the plants is P600 million. The plants will be recorded and reported as assets at:
The company purchases land by paying half in cash and signing a note
The following assets can be revalued except
When a buyer is under-charged, the seller forwards
A typical journal book will not reflect
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Received monies from debtor: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example, i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.If Assets increased and decreased and Liabilities have no effect and Owner's Equity has no effect, the answer should be id n n).
Mr. Philip Pines is the owner of a beauty spa and wellness salon. He bought a residential house and lot which he included in the balance sheet of a beauty spa and wellness salon. This is a violation of accounting principle.
A …………… partner only uses his names or goodwill as a contribution to the business.
The account known as principal book of account is …………
Failure to keep information confidential could open the door to fraud, identity theft, and other illegal activities if the information is shared with the wrong parties.
Taxes are an asset?
A list of accounts used by a business.
What must the owner's equity equal if assets equal $1,800 and liabilities equal $800?
Which of the following is NOT an item in the profit or loss account?
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Purchased equipment for cash: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.If Assets increased and decreased and Liabilities have no effect and Owner's Equity has no effect, the answer should be id n n).
Depreciation of asset is provided for in consideration of ------ .
Creditors, Short Term Loan, and Notes Payable are examples of [Blank]___. (State whether these are Assets, Liabilities, or Owner's Equity).
On June 25, Galing Repair Shop rendered service shop to a client for P600. The service fee was collected July 4. The bookkeeper recorded the revenue on June 25.
Exchange of cash for goods and services is ………….
All the following except one are features of preference shares except?
…………. is a terminology used to describe the amount allocated to a particular item of expenditure in government budget?
Bookkeeping is a detail-oriented career that requires knowledge and skills to do the job correctly.
Which one do you like? Sales returns can also be referred to as …………..
Financial statements contain all information necessary to understand a business's financial condition.
Use the information below to answer the following question. Opening stock of raw materials 24,750Purchases of raw materials 123,640Carriage on raw materials 10,000Closing stock of raw materials 45,000Factory supervisor's salary 30,000Wages of factory workers 50,000Royalties paid 18,000Insurance of factory 62,000Work in progress 23,000Raw materials returned 12,200The prime cost is
Money owed to an outsider is known as
Use the following information to answer question 13 and 14 On 1/7/07, a trader owed wages of N2,000. During the year ended 30/6/08, wages of N2,400 were owed and N8,000 were paid.The wages of the year ended 30/6/08 is
Which accounting theory states that all transactions must be recorded at their cost at the time the transaction takes place?
Payments made for services yet to be rendered is ……..
Owner contributed $7,500 cash and $15,000 vehicle to the business.
How would an accountant record an increase in sales?
What is the normal Balance of Accumulated Depreciation?
When shares are issued at discount, this means that?
Jokotade returned goods to us ₦300. Which subsidiary book will this be entered?
The statement which shows the financial position of a business at a given point in time is …………
Which of the following is not an accounting professional body?
Which of the following books of original entry is used to record all payments and receipts by cah and cheque?
It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.
Cash book can be classified into
Set off is a ……. item in sales ledger control account.
What is the normal Balance of Accounts Receivable?
The owner took some office equipment for personal use.
What is the normal Balance of Accounts Payable?
_______ is a financial statement that reports a business's assets, liabilities, and capital on a specific date
One of the following is not an Operators of Nigeria Financial System?
The total current assets is ____________.
Payment for electricity bill of ₦2,200
Assets = Liabilities + Owner's EquityAssets - 100,000Liabilities- 25,000Owner's Equity- ?
Use the information below to answer the following question. Opening stock of raw materials 24,750Purchases of raw materials 123,640Carriage on raw materials 10,000Closing stock of raw materials 45,000Factory supervisor's salary 30,000Wages of factory workers 50,000Royalties paid 18,000Insurance of factory 62,000Work in progress 23,000Raw materials returned 12,200 The value of raw materials consumed is
The word Quoted price in issue of shares means?
Items on the debit side of the cash book that are not found on the credit side of the bank statement are ……….
Assets = Liabilities + Owner's EquityAssets - ?Liabilities- 25,000Owner's Equity- 100,000
An accounting device used to analyze transactions.
The left side of a T-Account is called
Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
A real account is the account of _________.
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Sold away motor vehicle on credit: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example, i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.If Assets increased and decreased and Liabilities have no effect and Owner's Equity has no effect, the answer should be id n n).
What is the accumulated depreciation at the end of 3rdyear. Using straight line method?
Which correctly shows a list of assets and liabilities?
Petty cash book is ………..
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Withdrew monies for personal use: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.If Assets increased and decreased and Liabilities have no effect and Owner's Equity has no effect, the answer should be id n n).
In preparing final account, a prepayment happens when ……………..
Items owned by a business that has monetary value are known as:
The following are components of Nigeria's financial system except?
A chequecould be dishonoured due to ………….
Purchases worth ₦7,000 for the period
Use the following to answer questions 60 - 62 NSales 35,000Purchases 20,000Closing stock 10,050Carriage outwards 650.00Carriage inwards 400.00Returns outwards 100.00Returns inwards 200.00Salaries 600.00Wages 400.00Calculate the net profit.
What is the basic accounting equation?
One of the following is an example of non-banking institutions?
Cash received from Mr Crayon ₦3,000
The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.
Capital, drawings, and net income will affect [Blank]____. (State whether these affect Assets, Liabilities, or Owner's Equity).
A bookkeeper should always present the facts objectively and refrain from slanting information in a misleading way.
An expenses is termed an "accrual" because it
The total current liabilities is ____________
Use the following information below to answer questions 31 – 32 Opening stock ₦40,000Purchases ₦130,000Closing stock ₦32,000Sales ₦180,000What is the cost of goods sold?
………an exchange of intentions between a potential buyer and a potential seller backed with a cash payment or cheque payment or promise to pay or set off payment.
The following are balance sheet items except
A balance sheet shows only ------
The manager of the business wrote on a piece of paper that utility expenses incurred by the business were paid the amount of P2,222. The bookkeeper asked for the invoice evidencing the payment before recording it in journal.
Prepayment in the balance sheet is a ……………
Profit or loss account is prepared after the …..
Using straight line method what is the depreciation to be charged annually.
The accounting equation for asset is …………….
C.K. Enterprise has fittings $4,000, inventory $5,000, debtors $2,750, bank overdraft $3,450 and creditors $1,250. Calculate the amount of owner's equity in the business.
Assets and expenses are posted on which side of a trial balance
The double entry principle completed within the cash book is ……
The company repays the bank that had lent money
Trade discount are given for ……….
Capital (owner's equity) is the value of the owners' investment in the business after subtracting liabilities from assets.
Bought equipment worth $10,000 on credit.
Mrs Do has personal properties of amounting to P3 million pesos. One half of this was invested in the business called Do Laundry Shop and the other half in another business called Do Convenience Store. Two financial reports were prepared by the bookkeeper, one for each business.
Which of the following is a prime cost
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Borrowed monies from bank: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example: i n i (This means Assets increased, Liabilities have no effect and Owner's Equity increased.If Assets increased and decreased and Liabilities have no effect and Owner's Equity has no effect, the answer should be id n n).
What is the normal Balance of an Equipment Account?
What is the normal Balance of Cash account?
List of balances in the trial balance are extracted from ………
The company repays the suppliers
All ordinary shares are participating in nature but not all preference shares are participating. This means that?
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Purchased vehicle on credit: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example, i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.If Assets increased and decreased and Liabilities have effect and Owner's Equity has no effect, the answer should be id n n).
If the company has $5,000 in cash and pays $3,000 in taxes, what is Owner's Equity?
The transaction will be treated as a contra entry when ………
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Paid creditors: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example, i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.If Assets increased and decreased and Liabilities have no effect and Owner's Equity has no effect, the answer should be id n n).
……………..are documents used to established the occurrence of a financial transaction?
What is the total value of Agboola's fixed assets?
These are broad, general statements or “rules” and “procedures” that serve as guides in the practice of accounting
What is assets?
When shares are issued at premium, this means that?
The same accounting procedure must be followed in the same way in each accounting period.
The company purchases supplies on credit
Define the term Owner's Equity
Goods or money taken by the owner of a business for his personal use is referred to as
Determine the net effect of the transaction by keying in i = increased, d = decreased, n = no effect.Owner contributed some furniture to the business: Assets ___ = Liabilities ____ + Owner's Equity ____State your answer in the box in this format, for example i n i (This means Assets increased, Liabilities have no effect, and Owner's Equity increased.If Assets increased and decreased and Liabilities have no effect and Owner's Equity has no effect, the answer should be id n n).
"A business unit is assumed to operate into foreseeable future and earn reasonable net income". This statement is emphasized by the concept of
Assets = Liabilities + Owner's EquityAssets - 200,000Liabilities- ?Owner's Equity- 90,000
Turnover is another name for ……………
Use the following information to answer question 13 and 14.On 1/7/07, a trader owed wages of N2,000. During the year ended 30/6/08, wages of N2,400 were owed and N8,000 were paid.Wages recorded in the balance sheet as at 30/06/08 is
Business transactions are reported in numbers that have common values—that is, using a common unit of measurement.
The method of depreciation used above was __________.
Sales was N12,500, total expenses was N2,500 and net profit is 10% of sales. What is the gross profit?
The company purchases equipment with its cash
How do you find liabilities?
……… is a written acknowledgement that a person received money or property in payment following a sale or other transfer of goods or provision of service?
Amount owed by a business
The name given to an account
Who is responsible for the recording transaction of a business
Bilis Computer Shop purchased P200 paper puncher. The useful life of paper puncher is 5 years. The bookkeeper expense the entire cost of P200 in the year it is purchased.
Paid creditor $5,000.
The system of preparing a petty cash book is ………..
An accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.
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