4. A list of balances extracted from the ledger to test arithmetical accuracy is?

 

 

 

A. Balance sheet

B. Profit or loss account

C. Statement of affairs

D. Trading account

E. Trial balance

ANSWER: E

 

5. The maximum amount of capital a company is allowed to raise by way of selling its shares is _______ capital?

A. Authorized

B. Issued

C. Paid-up

D. Shareholder’s

E. Working

ANSWER: A

6. The Chief Accounting Officer of the Federal Republic of Nigeria is?

A. Accountant General of the Federation

B. Auditor General of the Federation

C. Chief Accountant

D. Minister of Economic planning

E. Minister of Finance

ANSWER: A

7. Materials are taken out of government ministry stores through the use of?

A. Credit voucher

B. Issue voucher

C. Ledger card

D. Receipt voucher

E. Verbal Instruction

ANSWER: B

8. A prime book is a book of?

 

 

 

 

A. Balance sheet forms

B. Bookkeeping records

C. Journal entries

D. Ledger account

E. Original entries

ANSWER: E

9. Which of the following will a supplier send to a customer whose invoice was undercharged?

A. Credit note

B. Debit note

C. Delivery note

D. Invoice evidence

E. Payment voucher

ANSWER: B

 

10. The excess amount on shares issued above the par value is?

A. Discount

B. Loss

C. Premium

D. Profit

E. Reserve

ANSWER: C