Accounting

In a not for profit-making organization, the excess of income over expenditure is?

A. added to capital B. added to accumulated fund C. deduced from capital D. deducted from accumulated fund Correct Answer:…

6 years ago

Programs installed in computers to facilitate processing of data are?

A. hardwares B. software C. magnetic tapes D. diskettes Correct Answer: Option B C. magnetic tapes

6 years ago

The document making a public offer for the sale of a company’s share is?

A. memorandum of association B. articles of association C. prospectus D. certificate of registration Correct Answer: Option C C. prospectus

6 years ago

The purchase of a typewriter for office use for ₦2,000 is debited to?

A. creditors B. bank account C. purchases account D. equipment account Correct Answer: Option D D. equipment account

6 years ago

Which of the following does not appear in a bank statement?

A. dividend received B. bank charges C. uncredited cheques D. dishonoured cheques Correct Answer: Option C C. uncredited cheques

6 years ago

Cost of extension to a factory building is classified as?

A. capital receipt B. revenue expenditure C. capital expenditure D. revenue receipt Correct Answer: Option C C. capital expenditure

6 years ago

Which of the following is not part of factory overhead?

A. factory salaries B. factory lighting and heating C. depreciation of plant and machinery D. depreciation of fixtures and fixing…

6 years ago

A three column cash book contains column for?

A. cash, assets and liabilities B. bank, cash and assets C. cash, bank and return D. discount, cash and bank…

6 years ago

A difference between the debit and credit totals in a trial balance is placed in?

A. bank reconciliation statement B. profit and loss account C. suspense account D. appropriate account Correct Answer: Option C C.…

6 years ago