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1. The term ‘accounting period’ is used to refer to the
A. time span during which taxes are paid to the Inland Revenue Board
B. Budget period, usually one year, relied on by the accountant
C. time span, usually one year covered by financial statement
D. period within which debtors are expected to settle accounts.
2. Assigning revenues to the accounting period in which goods were sold or services rendered and expenses incurred is known as
A. passing of entries
B. consistency convention
C. matching concept
D. adjusting for revenue.
3. The accounting convention which states that ‘profitmust not be recognized until realized while all losses should be adequately provided for’ is termed
4. Accounting information is used by investors and creditors of a company to predict
A. future cash flows of the company
B. future tax payments of the company
C. potential merger candidates for the company
D. appropriate remuneration for the company’s staff.
5. Antics ElectronicsCompany recently bought six generators. Which of the following is the correct method of recording this transaction.
A.Debit generator account and credit cash account.
B. Debit purchases account and credit cash account.
C. Debit cash account and credit purchases account.
D. Debit cash account and credit generator account.
6. When a business incurs labours cost in installing a fixed asset, the cost is treated as
A. additional cost to the asset
B. business wages and salaries
C. installation cost of the asset
D. business cost of the asset.
7. What is the cardinal rule of the double entry system?
A. Debit the increasing account and credit the decreasing account.
B. Debit the receiving account and credit the giving account.
C. Debit the asset account and credit the liability account.
D. Debit the revenue account and credit the expenditure account.
8. Malam Gambo bought a freezer for his shop costing N10,500. In recording, he debited office expenses account and credited the bank account.What book keeping error has he committed?
A. Error of commission
B. Error of reversal of
C. Error of principle.
D. Compensation error.
9. The use of the folio in the ledger is for
A. Referencing purposes
B. Particulars of the transaction
C. the account titles
D. Only credit items.
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