Accounts - Principles of Accounts Past Questions

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311

Given:

Balance at 31st December ............N14,744m

Treasury Bills issued Jan-Dec........N7124m

Revenue for the year ................N6387m

Expenditure .........................N8767m

What is the opening balance on the consolidated revenue fund account?

A. N10,000m
B. N12,000m
C. N90,000m
D. N11,000m

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312

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

A. used to pay all taxes due to government
B. used to start a new partnership business by members who are willing
C. shared equally by the existing partners
D. used in paying the debts and liabilities of the firm to persons who are not partners

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313

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

A. fund accounting
B. commitment accounting
C. cash accounting
D. accrual accounting

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314

Which of the following is used to update the cash book in bank reconciliation?

A. Interest received and unpresented cheques
B. Commission and debit note
C. Unpresented cheques and direct credit
D. Interest received and direct credit

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315

The two legally recognized professional accounting bodies in Nigeria are the?

A. Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B. Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C. Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D. Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria

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Accounts - Principles of Accounts Past Questions

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