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F/Accounting

Total questions: 40

Worksheet time: 20mins

Name
Class
Date
1.

One among the following is the division of control account.

a)

Sales ledger control account

b)

Return inward control account

c)

Journal proper control account

d)

All of the above

2.

The receiving account is -------------

a)

Debited

b)

Credited

c)

Overdraft

d)

Purchased

3.

The following are merit of control account except.

a)

It saved time

b)

It made fraud easy

c)

Locating errors

d)

Detecting missing figures

4.

A customer book showing transaction made with bank is.

a)

Bank Statement

b)

Cash book

c)

Bank Reconciliation Statement

d)

Bank Error

5.

The following are source document except.

a)

Debit Note

b)

Credit Note

c)

Statement of account

d)

Letter of quiry

6.

The final book of account is ---------

a)

Ledger

b)

Journal

c)

Cashbook

d)

Comm

7.

Given the opening stock: #2000, Purchases: ₦5000, carriage inward:₦500, Returns outward:₦500, Sale: ₦10000, Closing stock: ₦1000. What is the cost of goods Sold?

a)

₦6000

b)

₦7000

c)

₦4000

d)

₦4000

8.

From the above question, find the gross profit.

a)

₦4000

b)

₦10000

c)

₦7000

d)

₦6000

9.

The cost of goods available for sales is.

a)

₦7500

b)

₦7000

c)

₦6000

d)

₦8000

10.

The final account consist of the following except.

a)

Trading account

b)

Profits and loss account

c)

Balance Sheet

d)

Debtor account

11.

The following are items on the credit side of sales ledger control account except.

a)

Return inwards

b)

Cash from customer

c)

Cheque from customer

d)

Cheque from creditors

12.

The following are errors that do not affect the total of trial balance except.

a)

Omission

b)

Commission

c)

Original Entries

d)

Suspense errors

13.

A list of balance that check the accuracy of the ledger is.

a)

Trial balance

b)

Ledger

c)

Cashbook

d)

Double entry principles

14.

When an items is completely omitted from the book of account,it is ---------.

a)

Original Entries

b)

Omission

c)

Compensating errors

d)

Complete Reversal entries

15.

When an items is posted to the wrong person account. It is an error of....

a)

Transpository errors

b)

Errors of Commission

c)

Errors of principles

d)

Compensating errors

16.

An account that is conform with basic principles of double entry is....

a)

Single Entry

b)

Receipt and payment account

c)

Cashbook

d)

All of the above

17.

Charges bank deducted for services rendered is.

a)

Bank Charges

b)

Bank commission

c)

Bank interest

d)

Bank draft

18.

The numbers of pages in the ledger is called.

a)

Particular

b)

Date

c)

Folio

d)

Cash

19.

Subscription in advance is an example of

a)

Accrual

b)

Debtor

c)

Prepayment

d)

Provision

20.

Which of the following is an effect of reduction in the provision for doubtful debt.

a)

Decrease in gross profit

b)

Increase in gross profit

c)

Increase in net profit

d)

Reduction in net profit

21.

Financial plan of the government for a year is contained in the..

a)

Budget

b)

Cash analysis book

c)

Gazette

d)

Vote book

22.

The following are current liabilities except

a)

Accrued wages

b)

Electricity Outstanding

c)

Insurance Owed

d)

Rent in arrears

23.

The following are causes of depreciation of assets except

a)

Appreciation

b)

Evaporation

c)

Obsolence

d)

Wear and tear

24.

Capital Acct: Okechukwu... ₦40000, Tochukwu..₦20000

Drawing Acct: Okechukwu...₦10000, Tochukwu...₦6000.

Interest on capital: 5%

Interest on drawing: 10%

Net Profit for the year : 30000

Profit Sharing Ratio: 2:1

The profit to shared for the year is

a)

₦31600

b)

₦31400

c)

₦30000

d)

₦28600

25.

Okechukwu Share of profit is

a)

₦21067

b)

₦20933

c)

₦20000

d)

₦19067

26.

The following are examples of real account except

a)

Land & Building

b)

Furniture& Fittings

c)

Motor Vehicle

d)

Bill receivale

27.

The business that subsist between a person carrying on a business with view of making profit.

a)

Sole proprietor

b)

Joint Stock Company

c)

Partnership

d)

Joint Stock company

28.

Given the Net profit: #30,000, partner Salary#10,000. What is the share of profit?

a)

#20,000

b)

#10,000

c)

#30,000

d)

#40,000

29.

In appropriation account, interest on capital has

a)

Debit balance

b)

Credit Balance

c)

Debit and Credit Balance

d)

All of the above

30.

The transformation of raw materials into finished Goods is

a)

Manufacturing account

b)

Departmental account

c)

Prime cost

d)

Suspense account

31.

Prime Cost is also called

a)

Direct Cost

b)

Indirect Cost

c)

Cost of production

d)

Depreciation of plant and machinery

32.

The following are items of prime cost except

a)

Direct Materials

b)

Direct labour

c)

Royalties

d)

Lubricant

33.

When assets is depreciated, it is charged to

a)

Credit side of profit and loss account

b)

Debit side of profit and loss account

c)

Both side of the account

d)

None of the above

34.

A relationship that exists between two figures is called

a)

Control Account

b)

Company Account

c)

Company Account

d)

Ratio

35.

The total amount of money incurred towards production of Output is

a)

Prime Cost

b)

Cost of Production

c)

Factory Overhead

d)

Work-in-Progress

36.

An ordinary Share Capital of 13,0000 with nominal value of #5 was isue at #8. The share is said to be issue at

a)

At Par

b)

At premium

c)

At discount

d)

Long-term liabilities

37.

When an account to be debited is credited and vice versa, it is an errors

a)

Omission

b)

Commission

c)

Original Entry

d)

Complete Reversal Of Entry

38.

The following are Factory Overhead items except.

a)

Factory Rent

b)

Depreciation of plant Machinery

c)

Lubricant

d)

Manufacturing wages

39.

The unit of Capital of a limited liability company is

a)

Partnership right

b)

Deed of partnership

c)

Shares

d)

Preference Shares

40.

The share issue below the nominal value is called

a)

Premium

b)

Discount

c)

Par

d)

All of the above

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