Question

1. Which of the following can be used to test the arithmetic accuracy of the postings in the ledger? * 5 points A. Balance sheet B. Cashbook C. Purchase journal D. Sales journal E. Trial Balance Use the information below to answer questions 2 and 3. Stock N5,000, Capital N10,000, Debtors N2,000, Creditors N3,000 and Cash at bank N6,000. What is the debit balance of the trial balance? * 5 points A. N10,000 B. N13,000 C. N17,000 D. N23,000 E. N26,000 3. What is the credit balance of the trial balance? * 5 points A. N10,000 B. N13,000 C. N17,000 D. N23,000 E. N26,000 4. The statement of a financial position as at end of a year is called_____ * 5 points A. balance sheet B. cash book C. profit and loss account D. trading account E. trial balance 5. Current asset less current liabilities is equal to ____ * 5 points A. capital employed B. capital owned C. fixed asset D. total liabilities E. working capital 6. Cost of goods sold is ______ * 5 points A. closing stock + purchases - opening stock B. expenses + purchases - opening stock C. opening stock + purchases - closing stock D. opening stock + purchases - expenses E. total sales - cost of goods + stock 7. In book keeping a double ruling across an amount column indicates that the work is * 5 points A. complete and accurate B. not acceptable C. subject to auditing D. to be continued E. poorly done 8. The amount given to customers for prompt payment of their account is called____ * 5 points A. bonus B. commission C. discount allowed D. discount received E. surplus 9. Which of the following is not an example of liabilities? * 5 points A. Bank overdraft B. Cash. C. Creditors D. Loan E. Owings 10. Which of the following is not debited to trial balance * 5 points A. Rent B. Debtors C. Purchases D. Salaries E. Sales 11. Use the information below to answer question 11-14.Purchase N30,000, Sales N42,000, Closing stock N5,000 and Opening stock ___N3,50050. What is the value of goods available for sale * 5 points A. N33,500 B. N42,000 C. N30,000 D. N28,000 E. N33,000 12. The cost of goods sold is * 5 points A. N35,000 B. N28,500 C. N42,000 D. N30,000 E. N35,000 13. The gross profit is * 5 points A. N7,000 B. N8,500 C. N12,000 D. N13,500 E. N28,500 14. The average stock is * 5 points A. N4,250 B. N15,000 C. N21,000 D. N8,500 E. N16,750 15. . All the following transactions are shown in a profit and loss account except * 5 points A. Rent B. Wages C. Electricity bill D. Sales E. Bank charges 16. The trading account is prepared in order to known all the following except * 5 points A. The total sales B. The cost of goods sold C. The gross profit D. The total purchase E. The money at home 17. Profit and loss account is prepared to show one of the following * 5 points A. Gross profit B. Sales C. Purchases D. Net profit E. Stock at hand 18. The following are rules of trial balance except; all * 5 points A. assets must be on the debit side. B. expenses and income must be recorded on the debit side. C. expenses must be recorded on the debit side. D. income must be recorded on the credit side E. liabilities must be on the credit side. 19. The statement of a financial position as at the end of a year is called * 5 points A. Balance sheet B. Cashbook C. Profit and loss account D. Trading account E. Trial balance 20. In the ledger account, all the sales are entered on ____ * 5 points A. the credit side B. the debit side C. the credit note D. the debit note E. none of the above

Answer 1

Answer:

loans advanced to rao and co is it debit or credit side in trial balance

stock at commencement is it debit or credit side in trial balance

cash in office is debit or credit in trial balance

cash at the state bank is debit or credit in trial balance

overdraft with central bank is debit or credit in trial balance

return from customers is debit or credit in trial balance

return to creditors is debit or credit in trial balance

discount received is debit or credit in trial balance

Answer 2

Answer:

1. E) Trial Balance

2. B) N13000

3. B) N13000

4. A) Balance Sheet

5. E) Working Capital

6.  D) Opening Stock + Purchases - Closing Stock.

7.  D) To be continued

8. C) Discount allowed

9. B) Cash

10. E) Sales

11. 333050 (Option is wrong)

12. 3,28.050

13. Gross profit = The total Revenue made- Cost of goods sold (Option is wrong)

14. Average stock is Closing stock + Opening stock divided by 2.

15. E) Bank Charges.

16.  E) The money at home.

17 D) Net Profit.

18. B) Expenses and Income must be recorded on the debit side.

19. A) Balance Sheet.

20. A. Credit Side

Explanation:

• A balance sheet is which records all the expenses and income of that financial year.
• Trial Balance is a sheet that has all the accounts or reports of the company's ledgers.
• Net profit states a company's profit after all the expenses like tax, operations, and interest.

#SPJ3