1) Accounting information seeks to provide
- A. permanent records for all transactions
- B. analysis of accounts to trade debtors
- C. audited reports on the accounts of a company
- D. data about the employees of a company
2) When the debit side total of an account, it means that the account has
- A. been overdrawn
- B. been understand
- C. debit balance
- D. credit balance
3) July 1 – Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
them
The double entry for July 1 would be
- A. debit capital and credit cash
- B. credit cash and debit bank
- C. debit cash and credit capital
- D. debit purchases and credit cash
4) July 1 – Started business with #10,500
July 31- Paid Agro machine x #6,000 owing them
The double entry for July 31 would be
- A. debit Agromachinex and credit cash
- B. debit equipment and credit Agromachinex
- C. credit capital and debit cash
- D. credit cash and debit purchases
5) The total credit sales for a period can be extracted from the
- A. cash book
- B. sales day book
- C. petty cash book
- D. returns inwards
6) The major source document which enables an employer to calculate the employee wages is the
- A. nominal roll of employees
- B. record of number of hours worked
- C. effort of the employee
- D. record of number of dependants per employee
7) Which of the following items is a capital expenditure?
- A. Maintenance of office machine
- B. Purchase of office stationery
- C. Carriage inwards
- D. Purchase of office machinery
8) The corresponding entry of personal accounts found in the debit side of the cash is to
- A. credit real accounts
- B. debit real accounts
- C. credit the ledger
- D. debit the ledger
9) Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent. To record the discount in the book of Saka, debit
- A. discount recieved account and credit Alaka’s account
- B. Alaka’s account and credit discount recieved account
- C. Saka’s account and credit discount recieved account
- D. discount allowed account and credit Alaka’s account
10) i The amount of the imprest is the same from one organization to another
ii.At the end of a fixed period, the petty cashier received a fixed sum of money.
iii At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
iv The system is a method by which a measure of control is kept on petty cash expenses.
Which of the above is correct about the imprest system?
- A. i, ii and iii
- B. i, iii and iv
- C. i, ii and iv
- D. iii and iv
