Account Mock Exam Test Quiz SS 3 Part 1

Last Updated on July 30, 2021 by Quizzes

ACCOUNT QUIZZES

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Results - Last Updated on July 30, 2021 by Quizzes You are Awesome. Related No related posts. Last Updated on July 30, 2021 by Quizzes Go back to the Class. Related No related posts. HD Quiz powered by harmonic design #1. Every asset should have _______. tangible and intangible qualities tangible and intangible qualities monetary cost and future benefit monetary cost and future benefit a non-monetary value a non-monetary value an inadequate monetary value an inadequate monetary value #2. Where fixed capitals are maintained in a partnership, share profits are _______. credited to partners current accounts credited to partners current accounts credited to partners capital accounts credited to partners capital accounts debited to partners current accounts debited to partners current accounts debited to partners capital accounts debited to partners capital accounts #3. The excess of cost of goods sold over net sales is _______. gross loss gross loss gross profit gross profit net profit net profit net loss net loss #4. Use the following information and answer the question below. Oruma Ltd issued 300,000 ordinary shares at ₦100 each. Applications were received for 200,000 shares and all those who applied, paid in full. The authorized share capital is _______. N300,000 N300,000 N200,000 N200,000 N150,000 N150,000 N250,000 N250,000 #5. One of the purchases invoices of Mr.Dauda showed D96,240 less 12 1/2 % trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is _______. D67,368 D67,368 D73,157 D73,157 D63,157 D63,157 D77,368 D77,368 #6. Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33 1/3% on cost. What was the cost price? GH¢28,992 GH¢28,992 GH¢24,160 GH¢24,160 GH¢27,180 GH¢27,180 GH¢45,300 GH¢45,300 #7. The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is _______. dual aspect concept dual aspect concept cost concept cost concept realization concept realization concept business entity concept business entity concept #8. When a fixed asset is disposed off, the accounting entries to write off the asset are Debit _______. asset disposal account, credit asset account asset disposal account, credit asset account asset disposal account; credit profit and loss account asset disposal account; credit profit and loss account profit and loss account; credit provision for depreciation account profit and loss account; credit provision for depreciation account profit and loss account; credit asset disposal account profit and loss account; credit asset disposal account #9. Which of the following would result from an increase in the provision for doubtful debts? An increase in gross profit An increase in gross profit A decrease in net profit A decrease in net profit A Decrease in gross profit A Decrease in gross profit An increase in net profit An increase in net profit #10. Use the following information to answer this question. Acquisition cost of computers - Le 80,000. Installation cost - Le 20,000. Estimated residual value - Le 4,000. Estimated useful life - 5 years. The total costs of the computers is _______. Le 96,000 Le 96,000 Le 80,000 Le 80,000 Le 100,000 Le 100,000 Le 104,000 Le 104,000 #11. In accounting context, purchases refer to _______. goods bought on credit only goods bought on credit only goods bought to be used in the firm goods bought to be used in the firm goods bought for resale only goods bought for resale only goods bought and paid only goods bought and paid only #12. External users of accounting information include _______. management management bankers bankers directors directors employees employees #13. The cost of goods returned by branch to head office is debited _______. branch stock account branch stock account branch stock adjustment account branch stock adjustment account goods sent to branch account goods sent to branch account branch profit and loss account branch profit and loss account #14. Purchases of fixtures and fittings by a club is recorded in the _______. receipts and payments account only receipts and payments account only receipts and payments account and balance sheet receipts and payments account and balance sheet income and expenditure only income and expenditure only income and expenditure account and balance sheet income and expenditure account and balance sheet #15. Which of the following are impersonal accounts? I. Investment II. Creditors III. Premises IV. Debtors V. Salaries I, III and IV I, III and IV II and IV II and IV III and V III and V I, III and V I, III and V #16. A loan to a company under the company's seal is _______. fixed deposit fixed deposit mortgage mortgage debenture debenture bond bond #17. The entries for credit sales at branch where the head office keeps all records are debit _______. branch debtors account; credit branch stock account branch debtors account; credit branch stock account branch adjustment account; credit branch debtors account branch adjustment account; credit branch debtors account branch stock account; credit branch debtors account branch stock account; credit branch debtors account branch debtors account; credit branch adjustment account branch debtors account; credit branch adjustment account #18. Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit. Cheque; Credit Purchases Cheque; Credit Purchases Purchases; Credit bank Purchases; Credit bank Purchases; Credit cheque Purchases; Credit cheque Bank; Credit Purchases Bank; Credit Purchases #19. The financial statement which is an expression of the accounting equation is the _______. trading account trading account statement of cash flow statement of cash flow profit and loss account profit and loss account balance sheet balance sheet #20. Which of the following errors will affect the agreement of the trial balance? Error of omission Error of omission Error of original entry Error of original entry Error of transposition Error of transposition Error of commission Error of commission #21. Bank reconciliation statement is prepared to reconcile the differences between _______. bank statement and cash transfers bank statement and cash transfers cash book and bank statement cash book and bank statement cash book and bank transfers cash book and bank transfers bank statement and credit transfers bank statement and credit transfers #22. The branch current account records _______. head office transactions with the branch head office transactions with the branch cash received from branch as sales cash received from branch as sales branch transactions with the head office branch transactions with the head office goods sent to branch at selling price goods sent to branch at selling price #23. A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period? GH¢ 2,000 GH¢ 2,000 GH¢ 6,000 GH¢ 6,000 GH¢ 4,000 GH¢ 4,000 GH¢ 8,000 GH¢ 8,000 #24. In the preparation of the trading account of omuya Ltd., the company included credit sales of ₦18,000 made during the year. The concept guiding this treatment is the _______. mual aspect concept mual aspect concept money measurement concept money measurement concept matching concept matching concept materiality concept materiality concept #25. Which of the following expenses constitutes prime cost? I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent I, II and IV only I, II and IV only I and II only I and II only I and III only I and III only I, II and III only I, II and III only #26. Use the following information to answer this questions. Rent prepaid - 1/01/2014 - ₦600. Rent paid - 31/12/2014 - ₦3,000. Rent prepaid - 31/12/2014 - ₦400. Rent for 2014 chargeable to the profit and loss account is _______. N4,000 N4,000 N3,200 N3,200 N2,800 N2,800 N3,000 N3,000 #27. Use the following information to answer this questions. Rent prepaid - 1/01/2014 - ₦600. Rent paid - 31/12/2014 - ₦3,000. Rent prepaid - 31/12/2014 - ₦400. The balance sheet as at 31st December 2014 will show _______. current asset of N600 current asset of N600 current asset of N600 current asset of N600 current liability of N400 current liability of N400 current asset of N400 current asset of N400 #28. The balance sheet is prepared to reveal _______. the financial position of the business the financial position of the business the result of the operations for the period under review the result of the operations for the period under review the arithmetical accuracy of the ledger accounts the arithmetical accuracy of the ledger accounts the accruals and payment the accruals and payment #29. Which of the following items is a current liability? _______. cash in hand cash in hand bills payable bills payable cash at bank cash at bank stock of raw material stock of raw material #30. Cash paid to jake, ₦2,500 was entered on the credit side of his account and debited to cash account. This is an error of _______. Principle Principle Commision Commision Complete reversal of entries Complete reversal of entries Original entry Original entry #31. Which of the following expenses is apportioned between departments based on sales? Carriage inwards Carriage inwards Carriage outwards Carriage outwards Electricity Electricity Discount received Discount received #32. When allotments have been fully paid, subscribers are referred to as _______. allotters allotters applicants applicants non-members non-members shareholders shareholders #33. Which of the following is a credit item in an income and expenditure account? Donations Donations Stationery Stationery Bar suppliers Bar suppliers Electricity Electricity #34. Which of the following items of expense involves actual cash payment? _______. Allowance for doubtful debts Allowance for doubtful debts Discounts allowed Discounts allowed Carriage outwards Carriage outwards Provision for depreciation Provision for depreciation #35. In the absence of a partnership agreement, additional capital contributions by partners attract interest of _______. 5% 5% 12% 12% 15% 15% 10% 10% #36. In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as _______. net profit net profit goodwill goodwill premium premium bonus bonus #37. In preparing partnership accounts, interest on drawings is debited to current accounts and credited to _______. appropriation account appropriation account drawings account drawings account profit and loss account profit and loss account capital account capital account #38. Debts that a firm is unable to recover are debited to bad debts account and credited to _______. suppliers account suppliers account sales account sales account cash account cash account customers account customers account #39. A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is _______. GH¢ 210,000 GH¢ 210,000 GH¢ 590,000 GH¢ 590,000 GH¢ 210,000 Overdrawn GH¢ 210,000 Overdrawn GH¢ 590,000 0verdrawn GH¢ 590,000 0verdrawn #40. Partly manufactured goods are treated in the balance sheet of a manufacturing company as _______. long term liabilities long term liabilities current assets current assets current liabilities current liabilities fixed assets fixed assets #41. The total of the discounts received column in the three column cash book is _______. debited to discounts allowed account debited to discounts allowed account debited to discounts received account debited to discounts received account credited to discounts received account credited to discounts received account credited to discount allowed account credited to discount allowed account #42. Which of the following is a source of local government revenue? Loans and grants Loans and grants Market dues Market dues Import duties Import duties Excise duties Excise duties #43. The transfer of money from one sub-head to another in the public sector is _______. allocation allocation vote vote budgeting budgeting virement virement #44. Assets which are readily convertible into cash are termed as _______. intangible assets intangible assets tangible assets tangible assets fixed assets fixed assets liquid assets liquid assets #45. Use the following information to answer this question. Cash purchase - D 29,641. Creditors 1/1/14 - D 2,473. Creditors 31/12/14 - D 3,117, Cash paid to creditors - D 127,345. Discount received - D 4,211. The total purchases is _______. D134,673 D134,673 D132,200 D132,200 D156,986 D156,986 D161,841 D161,841 finish

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#1. Every asset should have _______.

#2. Where fixed capitals are maintained in a partnership, share profits are _______.

#3. The excess of cost of goods sold over net sales is _______.

#4. Use the following information and answer the question below. Oruma Ltd issued 300,000 ordinary shares at ₦100 each. Applications were received for 200,000 shares and all those who applied, paid in full. The authorized share capital is _______.

#5. One of the purchases invoices of Mr.Dauda showed D96,240 less 12 1/2 % trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is _______.

#6. Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33 1/3% on cost. What was the cost price?

#7. The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is _______.

#8. When a fixed asset is disposed off, the accounting entries to write off the asset are Debit _______.

#9. Which of the following would result from an increase in the provision for doubtful debts?

#10. Use the following information to answer this question. Acquisition cost of computers - Le 80,000. Installation cost - Le 20,000. Estimated residual value - Le 4,000. Estimated useful life - 5 years. The total costs of the computers is _______.

#11. In accounting context, purchases refer to _______.

#12. External users of accounting information include _______.

#13. The cost of goods returned by branch to head office is debited _______.

#14. Purchases of fixtures and fittings by a club is recorded in the _______.

#15. Which of the following are impersonal accounts? I. Investment II. Creditors III. Premises IV. Debtors V. Salaries

#16. A loan to a company under the company's seal is _______.

#17. The entries for credit sales at branch where the head office keeps all records are debit _______.

#18. Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit.

#19. The financial statement which is an expression of the accounting equation is the _______.

#20. Which of the following errors will affect the agreement of the trial balance?

#21. Bank reconciliation statement is prepared to reconcile the differences between _______.

#22. The branch current account records _______.

#23. A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?

#24. In the preparation of the trading account of omuya Ltd., the company included credit sales of ₦18,000 made during the year. The concept guiding this treatment is the _______.

#25. Which of the following expenses constitutes prime cost? I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent

#26. Use the following information to answer this questions. Rent prepaid - 1/01/2014 - ₦600. Rent paid - 31/12/2014 - ₦3,000. Rent prepaid - 31/12/2014 - ₦400. Rent for 2014 chargeable to the profit and loss account is _______.

#27. Use the following information to answer this questions. Rent prepaid - 1/01/2014 - ₦600. Rent paid - 31/12/2014 - ₦3,000. Rent prepaid - 31/12/2014 - ₦400. The balance sheet as at 31st December 2014 will show _______.

#28. The balance sheet is prepared to reveal _______.

#29. Which of the following items is a current liability? _______.

#30. Cash paid to jake, ₦2,500 was entered on the credit side of his account and debited to cash account. This is an error of _______.

#31. Which of the following expenses is apportioned between departments based on sales?

#32. When allotments have been fully paid, subscribers are referred to as _______.

#33. Which of the following is a credit item in an income and expenditure account?

#34. Which of the following items of expense involves actual cash payment? _______.

#35. In the absence of a partnership agreement, additional capital contributions by partners attract interest of _______.

#36. In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as _______.

#37. In preparing partnership accounts, interest on drawings is debited to current accounts and credited to _______.

#38. Debts that a firm is unable to recover are debited to bad debts account and credited to _______.

#39. A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is _______.

#40. Partly manufactured goods are treated in the balance sheet of a manufacturing company as _______.

#41. The total of the discounts received column in the three column cash book is _______.

#42. Which of the following is a source of local government revenue?

#43. The transfer of money from one sub-head to another in the public sector is _______.

#44. Assets which are readily convertible into cash are termed as _______.

#45. Use the following information to answer this question. Cash purchase - D 29,641. Creditors 1/1/14 - D 2,473. Creditors 31/12/14 - D 3,117, Cash paid to creditors - D 127,345. Discount received - D 4,211. The total purchases is _______.

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