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Involves recording, analyzing, and interpreting financial information to inform decision-making, financial planning, and control within organizations.
An accounting period can range between ………….
The asset referred to in the above information is __________.
The company purchases equipment with its cash
A …………… partner only uses his names or goodwill as a contribution to the business.
The owner contributes her personal truck to the business
……………..are documents used to established the occurrence of a financial transaction?
The reduction in the value of goodwill is
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 ____________.
Depreciation of asset is provided for in consideration of ------ .
Owner contributed $7,500 cash and $15,000 vehicle to the business.
Exchange of cash for goods and services is ………….
All transactions recorded in the prime book are eventually posted to ……………
An accounting device used to analyze transactions.
Purchases journal is used to record goods bought on ………..
Which accounting theory states that all transactions must be recorded at their cost at the time the transaction takes place?
Accounting is referred to as the "language of ___________________."
Which accounting concept gives rise to the accounting equation?
Set off is a ……. item in sales ledger control account.
One of the following is not an Operators of Nigeria Financial System?
Amount owed by a business
………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 company purchases supplies on credit
An expenses is termed an "accrual" because it
One of the following is an example of non-banking institutions?
What is the accumulated depreciation at the end of 3rdyear. Using straight line method?
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.
Which correctly shows a list of assets and liabilities?
All the following are examples of source documents except?
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.
Cash received from Mr Crayon ₦3,000
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).
……. is a memorandum account for all debtors or creditors in an organization.
Purchases worth ₦7,000 for the period
A chequecould be dishonoured due to ………….
Assets = Liabilities + Owner's EquityAssets - 100,000Liabilities- 25,000Owner's Equity- ?
Which of the following books of original entry is a ledger and also a journal?
What must the owner's equity equal if assets equal $1,800 and liabilities equal $800?
Which account contains both real and nominal?
A balance sheet shows only ------
What is assets?
What is the depreciation charged for the 2nd year at 20% per annum using reducing balance method?
Payment for electricity bill of ₦2,200
Which of the following is not a source document?
Capital (owner's equity) is the value of the owners' investment in the business after subtracting liabilities from assets.
Business transactions are reported in numbers that have common values—that is, using a common unit of measurement.
When any entry is made on both sides of cash book, it is called…………
What is the normal Balance of Accounts Payable?
The following are components of Nigeria's financial system except?
Which of the following errors will affects the totals of a trial balance?
What is the total value of Agboola's fixed assets?
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 of the following is NOT an item in the profit or loss account?
The statement which shows the financial position of a business at a given point in time is …………
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 double entry principle completed within the cash book is ……
Capital, drawings, and net income will affect [Blank]____. (State whether these affect Assets, Liabilities, or Owner's Equity).
Sales was N12,500, total expenses was N2,500 and net profit is 10% of sales. What is the gross profit?
"A business unit is assumed to operate into foreseeable future and earn reasonable net income". This statement is emphasized by the concept of
Creditors, Short Term Loan, and Notes Payable are examples of [Blank]___. (State whether these are Assets, Liabilities, or Owner's Equity).
When a transaction is completely left out, it is an error of
The left side of a T-Account is called
Subscription received in advance are
What is the normal Balance of Accounts Receivable?
If the company has $5,000 in cash and pays $3,000 in taxes, what is Owner's Equity?
The Accounting Equation is
Which of the following is a prime cost
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
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).
Match the following
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?
Assets and expenses are posted on which side of a trial balance
The process of ascertaining the new market value of an asset is termed
The amount for which a business is sold is the
The balance in a sales ledger control account indicates:
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.
The method of depreciation used above was __________.
When shares are issued at premium, this means that?
What is the normal Balance of Accumulated Depreciation?
What is the gross profit?
Another word for start-up fund for business is ……… a
Financial statements contain all information necessary to understand a business's financial condition.
What is the normal Balance of an Equipment Account?
The name given to an account
Which of the following is not recorded in the partnership appropriation account?
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 company purchases land by paying half in cash and signing a note
Good sold to consumer on credit are posted in ………..
What is the interest of the owners in the business known as?
A partner whose liability goes beyond his capital is known as
Assets = Liabilities + Owner's EquityAssets - 200,000Liabilities- ?Owner's Equity- 90,000
When shares are issued at discount, this means that?
Cash, Debtors, Land, and Equipment are examples of [Blank]___. (State whether these are Assets, Liabilities, or Owner's Equity).
The owner took some office equipment for personal use.
The following are balance sheet items except
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).
Taxes are an asset?
Money owed to an outsider is known as
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 Trading account item
What is the value of the opening capital? Image: file:///C:/Users/acer/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif
Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
The company receives cash from a bank loan
Rent paid in advance appears in the balance sheet as …………..
Which of the following is not a liability
Cash book can be classified into
What is the normal Balance of Cash account?
What is the normal Balance of Utilities Expense
………... 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?
The concept that shows separation between owner and his business is ………
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).
Which of the following is equivalent to the Receipt and Payments account?
An item that distinguished single column and double column cash book is ……………..
Using straight line method what is the depreciation to be charged annually.
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:
What is the normal Balance of Notes Payable
……… ratio checks the liquidity level of the assets of the business.
Which of the following is not an accounting professional body?
Depreciation of Plant and Machinery is treated in manufacturing account as
Cash sales worth ₦15,000
What is the basic accounting equation?
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.)
The Accounting Equation must always be in balance?
The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period.
Payments made for services yet to be rendered is ……..
The total current assets is ____________.
_______ is a financial statement that reports a business's assets, liabilities, and capital on a specific date
GAAP stands for:
A list of accounts used by a business.
…………. 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?
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.
Prepayment in the balance sheet is a ……………
The account known as principal book of account is …………
If liabilities equal $400 and owner's equity equals $800, what do the assets equal?
……….. are usually stated in the invoice?
The term "folio" in account means -----
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).
Goods or money taken by the owner of a business for his personal use is referred to as
Assets = Liabilities + Owner's EquityAssets - ?Liabilities- 25,000Owner's Equity- 100,000
Who is responsible for the recording transaction of a business
The owner invests personal cash in business.
How do you find liabilities?
Trade discount are given for ……….
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.
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.
Where fixed capital are maintained, partner's drawings are transferred to the
A real account is the account of _________.
Which one do you like? Sales returns can also be referred to as …………..
Turnover is another name for ……………
The total current liabilities is ____________
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.
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).
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
The company repays the bank that had lent money
…………. is a terminology used to describe the amount allocated to a particular item of expenditure in government budget?
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.
How would an accountant record an increase in cash?
Which of the following best describes the meaning of "Purchases
Information needed for subsidiary books preparation are extracted from ………..
When a new partner is admitted in to the business, apart from the capital of the business, he also brings in
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 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.
Where records maintained are inadequate to facilitate the preparation of a trading, profit or loss account, this is described as
In manufacturing account, prime cost consists of direct material, direct labour and
All ordinary shares are participating in nature but not all preference shares are participating. This means that?
The company repays the suppliers
The transaction will be treated as a contra entry when ………
The act of collecting, recording and interpreting accounting data is ------
Bookkeeping is a detail-oriented career that requires knowledge and skills to do the job correctly.
The assets of a business can be classified broadly into
Transaction are usually affected by entries -----
The following assets can be revalued except
List of balances in the trial balance are extracted from ………
Items on the debit side of the cash book that are not found on the credit side of the bank statement are ……….
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).
The owner withdraws cash for personal use
Which of the following is not an accounting concept
Define the term Owner's Equity
The same accounting procedure must be followed in the same way in each accounting period.
Transfer pricing is a term used in
A typical journal book will not reflect
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
What is the normal Balance of Interest Revenue?
Information is based on actual costs incurred in transactions.
Bought equipment worth $10,000 on credit.
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).
The word Quoted price in issue of shares means?
These are broad, general statements or “rules” and “procedures” that serve as guides in the practice of accounting
All the following except one are features of preference shares except?
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).
The owner withdraws business assets for personal use.
It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.
The accounting equation for asset is …………….
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.
Items owned by a business that has monetary value are known as:
Bad debts written off is shown as
Petty cash book is ………..
What is the net book value of the asset after 2nd year using reducing balance method?
Which of the following books of original entry is used to record all payments and receipts by cah and cheque?
Paid creditor $5,000.
When a buyer is under-charged, the seller forwards
Profit or loss account is prepared after the …..
The system of preparing a petty cash book is ………..
How would an accountant record an increase in sales?
……… 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?
Jokotade returned goods to us ₦300. Which subsidiary book will this be entered?
Assets minus Liabilities equals to [Blank].
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.
In preparing final account, a prepayment happens when ……………..
A bookkeeper should always present the facts objectively and refrain from slanting information in a misleading way.
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