WorksheetsRSS ACCOUNTING
Total questions: 50
Worksheet time: 35mins
The main purpose of accounting is to
A
B
The person who uses accounting information to decide whether to invest is
A
B
C
Which of the following is not a qualitative characteristic of accounting information?
The assumption that a business will continue into the foreseeable future is
A
B
C
D
The accounting equation is
A
B
C
Debit means
A
B
The account to be debited when goods are sold on credit is
A
B
C
D
A credit entry in the capital account means
(a)
Which of these accounts has a credit balance?
Purchases of furniture on credit is entered in
A
B
C
D
The book where credit sales are recorded is
A
B
C
D
Cash discounts received are recorded in
A
B
C
Goods returned to suppliers are entered in
A
B
C
D
The source document for sales day book is
A
B
C
D
A contra entry arises when
A transaction involves both cash and bank accounts
A transaction is recorded in both the debit and credit sides of the cash book
A transaction is recorded only in the bank account
A transaction is recorded only in the cash account
Which error will affect the agreement of the trial balance?
A
B
C
A debit balance in the trial balance may indicate
A credit balance
An error in recording transactions
A loss
An asset
When the trial balance disagrees, the difference is put in
(a)
Which error does not affect the trial balance?
(a)
If trial balance total is equal, then
A
B
Control accounts are used mainly to
A
B
C
D
A debit balance in the debtors control account means
A credit balance in the debtors control account means
A debit balance in the debtors control account means that there are more debtors than creditors
A debit balance in the debtors control account means that there are more creditors than debtors
A debit balance in the debtors control account means that the company owes money to its debtors
Which of the following is not a reason for preparing a bank reconciliation statement?
A cheque issued but not yet presented is
A cheque issued
A cheque presented
A cheque cancelled
A cheque outstanding
Dishonoured cheques are treated as
A
B
C
D
Depreciation is
A
B
C
D
The straight-line method of depreciation charges
(a)
Provision for bad debts is an example of
A
B
C
D
Which method of depreciation is based on usage?
A
B
C
If an asset costs ₦50,000 with residual value ₦5,000 and life of 5 years, annual depreciation is
₦9,000
₦10,000
₦11,000
₦12,000
The account which shows gross profit is
A
B
C
D
32. Expenses are transferred to
A
B
C
Carriage inward is treated as
A
B
C
D
Which item is not in the balance sheet?
(a)
Appropriation account is prepared by
A
B
C
D
In partnership accounts, interest on drawings is
A
B
C
D
In company accounts, dividends are paid out of
A
B
C
D
The maximum number of partners under CAMA (Nigeria) is
4
5
3
1
2
Bonus shares are issued to
A
B
C
D
Shares issued at an amount above nominal value are said to be issued at
par
discount
premium
face value
Prime cost =
A
B
C
D
Which is not a fixed cost?
A budget is prepared to
(a)
The ratio of gross profit to sales ×100 is
A
B
C
D
If current assets = ₦30,000 and current liabilities = ₦15,000, current ratio = ?
2:1
1:2
1:1
3:2
The main source of government revenue is
A
B
C
D
Votes in government accounts represent
(a)
In public sector, receipts and payments account is similar to
A
B
C
D
Recurrent expenditure refers to
(a)
Public debt refers to
A
B
C
D
