Section A: multiple choice questions.
1. When a credit balance appears on the bank statement, this means that the business has
a. An asset
b. Overdraft
c. Surplus
d. A stock
e. Creditor
2. A debit balance on a personal account represents
a. An asset
b, Overdraft
c. A surplus
d. A stock
e. Creditor
3. Which of the following is not a real account?
a. Oluwalogbon furniture
b, lend and building
c, motor vehicle
d. Machinery
e. Furniture and fittings
4. Discounts received are allowances given for
a. Buying in bulk
b. Keeping proper record of purchases
c. Being a regular customer
d. Enticing a new customer
e. Paymenr made within the time limit
5.Return inwards is also called
a. Purchases return
b. Sales returns
c.purchases and sales returns
d. A stock
e. Goods in transit
6.The following information relates to the affairs of Jagunda, Barawo and Sons.
Cash. N560,000
Bank overdraft. N480,000
Stock. N464,000
Creditors. N680,000
Machinery. N800,000
What is the starting capital?
a. 424,000
b. 524,000
c. 664,000
d. 764,000
e. 868,000
7.Double entry principle was introduced by
a. ICAN
b. Peter lukas paccolo
c. Akinbuli Carry go
d. Luca paciolo
e. Babatunde Akeju
8. The recording phase of accounting is known as
a. Accounting recording
b. Recording and balancing the trial balance.
c. Posting ledger accounting
d. Final accounting
e. Book keeping.
9. Goods bought but not for sale was subsequently sold for cash after used by the company will be posted to
a. Asset account
b. Purchases account
c. Sales account
d. Disposal account
e. Creditors account.
10.The organisation that turn raw materials to finished product normally prepare
a. Trading account
b. Profit and loss account
c . manufacturing account
d. Income and expenditure account
e. Receipt and paymeny account
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