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1. User of the account information is responsible for overrall performance of the business in the

A. director
B. customer
C. shareholder
D. employee

Use the following information to answer questions 2 and 3

Year (₦)	Current Asset (₦)	Liability (₦)	Fixed Assets (₦)	Capital (₦)
2018	52.550	78.600	127.450	X
2017	41.650	53.220	Y	116.780

2. The letter X reprtesents

A. ₦258,600
B. ₦180,000
C. ₦101,400
D. ₦78,800

3. The letters Y represents

A.₦211,650
B.₦170,000
C. ₦128,350
D. ₦94,870

4. The document prepared by the buyer and sent to the seller listing the items to be supplied is

A. sales order
B. performa invoice
C. credit note
D. purchase order

5. Adisa gave an instructions to her banker to pay a premium of $Le 30,000$ from her account to Union Rock Insurrance on a quarterly basis for a policy. This instructions is an example of

A. credit transfer
B. direct debit
C. standing orders
D. bank charges

6. Book of account are opened by the use of

A. general journal
B. general ledger
C. balance sheet
D. trial balance

7.The principal book of account where accounts are classified and summarised in is

A. journal
B.ledger
C. trial balance
D. balance sheet

8. The entries for cash drawn from the bank by a proprietor for private use is: debit.

A. Cash account; credit Bank Account
B. Bank account; credit Cash Account
C. Drawn account; credit Bank Account
D. Cash account; credit Drawn Account

Use the following information to answer question $9$ and $10$

				$
Cash book balance				750
Uncredited cheques				500
Unpresented cheques				1,600
Directed Credit				300
Bank Charges				150

9.The adjusted cash book balance is

A. $\$1,200$ Cr
B. $\$ 900$ Cr
C. $\$ 600$ Cr
D. $\$ 300$ Dr

10. Balance as per bank statement is

A. $\$ 1430$ Cr
B. $\$ 580$ Dr
C.$\$ 430$ Cr
D.$\$ 430$ Dr

11. The accounting statement which statees that the accounting expenditures involving the insignificant amount should be regarded as expenses and not asset is

A. business entity concept
B. materiality concept
C. dual aspect concept
D. realization concept

12. Resoucs owna and controlled by a business are classsified as

A.capital
B. asset
C. liabilities
D. drawings

13. Item shown in the balance sheet as asset include

A. credit balance on a supplier’s account
B. credit balance on the capital account
C. debit balance on customer account
D. debit balance on drawings account

Use the following information to answer the question 14 and 15

A trader bought goods worth ₦16,000 and sold three-quarter of it for ₦20,000

14. The gross profit is

A. 12,000
B. 8,000
C. 6,000
D. 4,000

15. The margin should be

A. $\frac{2}{3}$
B. $\frac{3}{5}$
C. $\frac{1}{2}$
D. $\frac{2}{5}$

16. The increase in provision for doubful debt would result in

A. decrease in gross profit
B. increase in gross profit
C. decrease in net profit
D. increase in net profit

Use the following information to answer questions 17 to 19

Kako Ltd bought a machine for D 1,200,000 on the first of January 2018 Depreciation was provided annually at a rate of $10\%$ using the diminishing balance method. The machine was sold for D 880,000 on the $31$ st December 2021

17. The accummulated Depreciation as at the rate of disposal was

A. D480,000
B. D412,000
C. D325,000
D. D320,000

18. The net book value of the machine in the balance sheet as at 31st December 2020 was

A. D1080,000
B. D972,000
C. D874,800
D. D787,320

19. The profit or loss on the disposal of the machine was

A. D320,000 loss
B. D280,000 profit
C. D92,000 profit
D D87,480 loss

20. Manufacturing accounts is prepare to ascertain

A. profit on goods produced
B. cost on goods produced
C. cost on goods sold
D. profit on goods sold

21. Use the following information to answer the questions 21 and 22

				Le
Raw materials
Stock(01/01/2017)				822,000
Stock(31/12/2017)				560,000
Purchases				125,000
Return of raw materials				15,000

21. The cost of raw materials available for production is

A. Le 947,000
B. Le 932, 000
C. Le 402,000
D. Le 372,000

22. The cost of raw materials consumed is

A. Le 947,000
B. Le 932, 000
C. Le 402,000
D. Le 372,000

23. One of the items on the debit side of sales ledger control account is

A. bills accepted by debtors
B. bills dishonoured by debtors
C. return inwards
D. bad debt

24. the sales ledger contains accounts of

A. trade debtors
B. credit sales
C. trade creditor
D. cash sales

use the following information to answer questions 25 to 26

				GH ȼ
Sales				200,000
Purchase				170,000
Opening stock				40,000
Closing stock				50,000

25. The gross profit percentage is

A. $23\%$
B. $20\%$
C. $15\%$
D. $10\%$

26. Stock returnover ratio is

A. 4 times
B. 3.78 times
C. 3.56 times
D. 3.2 times

27.Provision for doubful debt is made in conformity with

A. materiality concept
B. prudent concept
C. money measurement concept
D. business entity concept

28. Subscription in advance is treated innthe balance sheet under

A. current Liabilities
B. current Assets
C. accummulated funds
D. long term Liabilities

29. In the balance sheet of not-for-profit-making organizations, subscription in arears is shown under

A. fixed assets
B. long term Liabilities
C. current assets
D. current Liabilities

30. A se tof rules and procedures guiding the operations of a partnership is called partnership

A. seal.
B. code.
C. deed.
D. business.

31. Drawing made by a partner would be

A.credited to current account
B. debited to current account
C. credited to appropriate account
D.debited to appropriate account

Use the following information to answer questions 32 to 34

Teteh and Kukuma are in partnership with capital balances of 300,000 and 200,000 rspectively. They agree to share profit on the basis of their capital. The profit for the year is ₦150,000 and the interest on the capital is $5\%$

32 Teteh’s share of profit is

A. ₦90,000
B.₦75,000
C. ₦60,000
D.₦50,000

33. Kukuma’s current account balance is

A. ₦0,000
B. ₦75,000
C. ₦60,000
D. ₦50,000

34. Teteh’s share of interest on capital is

A. ₦75,000
B. ₦25,000
C. ₦15,000
D. ₦10,000

35. An item that would be classified as preliminary expenses in a company’s account is

A. formation expenses
B. general reserve.
C. admistrative expenses
D. distributions expenses

36. An item that would be considered a first charge against profit in a company’s account is

A. general capital
B. capital reserve
C. ordinary dividend
D. preference dividend

37. The maximum amount of a company can raise through the issue of of share is

A. reserve capital
B. authirised capital
C. paid-up capital
D. loan capital

38. A unit of a company’s capital is

A. share
B. stock
C. premium
D. debenture

Use the following information to answer questions39 to 41

Bola, a grocer, keeps petty cash on the imprest system, the float being $GH ȼ 8,000$. These transactions took place in January2018.

							GH ȼ
January 1			Petty cash in hand				1,034
January 1			Petty cash to restore float				6,966
January 6			Bought note books				656
January 7			Paid wages				1,828
January 14			Bought postage stamps				750
January 16			Paid to Biodun, a credit				1,072
January 18			Paid wages				1,856
January 23			Purchased envilopes				874
January 28			Purchased postage stamp				420

39. The amount posted on personal ledger was

A. GH ȼ 6,966
B. GH ȼ 3,684
C. GH ȼ 1,072
D. GH ȼ 1,034

40. Amount spent on stationery was

A. GH ȼ 1,530
B. GH ȼ 1,170
C. GH ȼ 1,076
D. GH ȼ 874

41. Amount reinbursed at the end of the month was

A. GH ȼ 8,000
B. GH ȼ 7,356
C. GH ȼ 6,966
D. GH ȼ 6,928

42. One of the items of a credit column of a trial balance is

A. carriage inwards
B. carriage outwards
C. return outwards
D. return inwards

43. Revenue expenditur of a Local government include purchase of a

A.theatre equipement
B. incubators
C. X-ray machine
D.drugs.

44.The authority to incure expenditures to address natural disaster is contained in a

A. virement warrant.
B. reserved expenditure warrant
C. supplimentary general warrant
D. contigency warrant

Use the following information to answer question 45 to 47

	GH ȼ			GH ȼ
Opening stock	10,000		Sales	200,000
Purchases	120,000		Less:	(4,000)
	———–			———-
	130,000			———-
Closing stock	(22,800)			196,000
Cost of goods sold	———–
Gross profit	———–			———-
	196,000			196,000
	———–			———–

45. The cost of sold goods is

A. GH ȼ 152,800
B. GH ȼ 107,200
C. GH ȼ 88,800
D. GH ȼ 43,200

46. The gros profit is

A. GH ȼ 152,800
B. GH ȼ 107,200
C. GH ȼ 88,800
D. GH ȼ 43,200

47. The GH ȼ 4,000 on the credit side is

A. carriage inwards
B. carriage outwards
C. return inwards
D. return outwards

Use the following information to answer question 48 t0 50

					D
Motor vehicle					500,000
Stock					35,000
Debtors					18,000
Cash					12,000
Bank overdraft					280,000
Creditor					21,000

48. The capital is

A. D 867,350
B. D 832,350
C. D 544,350
D. D 364,350

49. The total current asset is

A. D 367,350
B. D 345,850
C. D 87,850
D. D 65,850

50. The total current Liability is

A. D 301,500
B. D 280,000
C. D 264,350
D. D 258,500

Here’s the reformatted table in two columns: “`html

Question	Answer	Question	Answer
1	A	21	B
2	C	22	D
3	C	23	B
4	D	24	A
5	C	25	B
6	A	26	C
7	B	27	B
8	C	28	A
9	D	29	C
10	A	30	C
11	B	31	B
12	B	32	B
13	D	33	C
14	D	34	C
15	B	35	A
16	C	36	D
17	C	37	B
18	C	38	A
19	C	39	C
20	B	40	A

This version aligns the questions and answers into two columns. Let me know if you need further adjustments!