The Way (Principles Of Account)
Principles of Account Test for Post-UME Examination
- 1.The Act establishing the Institute of Chartered Accountants of Nigeria (ICAN) came into force on
- A.
1stSeptember, 1960
- B.
1st October, 1960
- C.
1st October, 1963
- D.
1st September, 1965.
- 2.Cost reports for attention of management should reflect
- A.
As much details as possible
- B.
Summary figure only
- C.
Details of non-controllable expenses
- D.
Cost and comparable data useful in decision making.
- 3.If the inventory at the end of the current is understand and the error is not caught during the following year, the effect is to
- A.
Understate income this year and understate in next year
- B.
Overstate income this year and overstate in next year
- C.
Understate this year's income with no effect on next year's
- D.
Overstate the income for the two-year period.
- 4.The total of the discounts received column in the cash book is posted to the
- A.
Credit of the discounts received account
- B.
Debit of the discounts allowed account
- C.
Credit of the discounts allowed account
- D.
Debit of the discounts received account.
- 5.Use the information below to answer question 5 The initial imprest as at July 1st was N500. Petty cash vouchers with the custodian by July '15th added up to N394. an IOU slip received from a coworkerwas N65 and there was a shortage of N5 cash. The coworker made refund on July 18th before the imprest was replenished. What was the actual cash in the till as at 15th July?
- A.
N106
- B.
N101
- C.
N70
- D.
N36
- 6.Use the information below to answer question 6 The initial imprest as at July 1st was N500. Petty cash vouchers with the custodian by July '15th added up to N394. an IOU slip received from a coworkerwas N65 and there was a shortage of N5 cash. The coworker made refund on July 18th before the imprest was replenished. The amount required to replenish the payments made from the imprest was
- A.
N399
- B.
N394
- C.
N358
- D.
N101
- 7.State Bank collected a note for AI-Makura Company. This collection, not yet recorded in Al-Makura's books, appears on the bank reconciliation as
- A.
An addition to balance per books
- B.
A deduction from balance per bank statement
- C.
An addition to balance per bank statement
- D.
A deduction from balance per books.
- 8.Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandise purchased with cash (for a refund), it makes an entry in the
- A.
Cash receipts journal
- B.
Sales journal
- C.
General journal
- D.
Cash disbursement journal.
- 9.Responsibility according is particularly concerned with
- A.
Historical accounting
- B.
Controllable costs
- C.
Storekeeping
- D.
Valuation of stocks.
- 10.An advantage of the use of the voucher system is that it
- A.
Reduces the number of cheques that will be written during any giving period
- B.
Provides a highly flexible system for handling unusual transactions
- C.
Provides a comprehensive record of business done with particular suppliers
- D.
Ensures that every expenditure is reviewed and verified before payment is made.
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