WorksheetsSs3 1st term exam account
Total questions: 31
Worksheet time: 18mins
Creditors and bank overdraft appear under ______.
Current assets
Long term assets
Long term liabilities
Current liabilities
The main users of the appropriation account are
Customers
Shareholders and directors
Government and suppliers
Employees and creditors
-- gives a snapshot of financial position of a company
Balance sheet
Trading account
Appropriation account
Profit or loss account
Long-term liabilities are those due for payment
Within one month
Within one year
After one year
After two months
Appropriation of profit means
The calculation of gross profit
The distribution of profit after all expenses
The preparation of the balance sheet
The payment of liabilities
Which of the following is not shown in an appropriation account?
Corporation tax
Transfer to reserves
Retained profit
Purchases
Interim dividend is
Paid during the financial year
Paid after the year-end
Not recorded in the accounts
Added to share capital
Which of the following is not an item of income in a company’s income statement?
Sales revenue
Commission received
Rent income
Salaries and wages
The main purpose of preparing a company’s income statement is to show
The financial position of the company
The profitability of the company
The liquidity of the company
The cash balance of the company
Net profit is obtained after subtracting
Cost of goods sold from sales
Operating expenses from gross profit
Purchases from sales
Depreciation from cost of goods sold
When a company earns income but has not received cash, it is recorded as
Accrued income
Deferred income
Prepaid income
Suspense income
One of these accounts is debited in the consignee's books for expenses paid by the consignee
Expenses account
Consignment account
Cash account
Consignor account
. If total assets are ₦600,000 and liabilities is ₦250,000, what is total equity?
₦350,000
#500,000
₦800,000
₦1,300,000
The balance sheet is prepared from information obtained from
Trial balance
Cash book
Purchases journal
Pretty cash book
Which of the following is a major reason why the capital market is regulated?
To determine stock prices
To ensure fair, efficient, and transparent operations
To restrict foreign investment
To eliminate all risks
An account that shows how companies and governments distribute their fund is
Budget account
Balance sheet
Company's capital account
Appropriation account
The balance sheet of a company is prepared at the ______.
End of the accounting period
Beginning of every month
Middle of the year
Any day of the week
The balance sheet of a company is prepared at the ______.
End of the accounting period
Beginning of every month
Middle of the year
Any day of the week
Furniture, vehicles, and equipment are classified as ______.
Current assets
Tangible assets
Fictitious assets
Nominal assets
The money market where debt and stocks are traded and maturity period is more than a year is known as
Short time market
Counter market
Long time market
Capital market
Assets minus liabilities equals ______.
Net sales
Gross profit
Owner’s equity
Revenue
Interim dividend is usually ______.
Proposed at the end of the year
Declared and paid during the year
Paid only to preference shareholders
A type of loan to directors
The portion of profit not distributed to shareholders is called
Trading margin
Gross earnings
Retained earnings
Current liability
.Regulation helps to prevent ______ in the capital market.
Unethical practices and manipulation
Competition
Payment of dividends
Investor education
.Shares traded on the Nigeria Stock Exchange are bought and sold through ______.
Insurance agents
Central Bank officials
Bank managers
Stockbrokers
The Nigeria Stock Exchange was renamed in 2020 to ______.
Lagos Stock Market
NGX (Nigerian Exchange Group)
West African Stock Hub
Nigerian Capital Market Group
The main function of the Nigeria Stock Exchange is to ______.
Grant loans to businesses
Control inflation
Provide a market for buying and selling securities
Print currency
One of the following is correct about hire purchase transaction
The vendor can recover the goods while the hirer forfeit the previous instalment
The hirer sell assets and use part to settle the final instalment
If the hirer refuses to pay last instalment, the vendor will repossesses the goods and return the previous instalment
The vendor must give the hirer an extension for the remaining balance to be settled
All the following except one is not a type of capital market
Market integrity regulation
Self regulation
Statutory regulation
All of the above
The document sent by the consignee to the consignor showing details of goods sold is ---
Account sales
Debit note
Pro-forma invoice
Bill of exchange
Theory.
Instruction: answer any three questions and number (4) is compulsory.
Define capital market and give reasons for it regulation.
Discuss an appropriation account with good example.
Explain what is meant by joint venture.
3b) Distinguish between joint venture and partnership.
Yakubu and Aminah won a bid to buy stock in trade of an old established store which is about to be up. profits and losses are to be shared among them in ratio 3:2. The following transactions took place in the month of March 2025.
March 2. Yakubu rented a shop #20,000
March 5. Aminah paid for transport #500.
March 7. Aminah purchased goods worth of #40,000
March 10. Yakubu purchased goods worth of #40,000 as well.
March 12. Yakubu paid market levy #6,000.
March 25. Yakubu made sale of #20,000.
March 27. Aminah made cash sales worth of #50,000 and paid selling expenses of #30,000.
Unsold goods worth #20,000.
You are required to prepare;
(I) Joint account of in the books of each of the venturers.
(II) Memorandum joint venture account.
