FORM FOUR BKEEPING NECTA 2012

(i)                 A statement showing assets, liabilities and capital of a business undertakings in a particular trading period is called a

A       trial balance B          ledger   C          balance sheet

                                D   sales day book               E   cash book.

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(ii)               Which of the following is the main book of account?

A       The cash book        B          The Journal     

                                C    The petty cash book                              D   The Ledger

                                E    The Journal Proper.

 

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(iii)             The correct method of calculating cost of goods sold is

A       closing stock  + purchases ­ opening stock

B       opening stock + closing stock ­ purchases

C       closing stock + purchases + opening stock

D       opening stock ­ purchases + closing stock

E        opening stock + purchases ­ closing stock.

 

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(iv)              Which of the following statement describes non­current assets?

A       Items bought to be used in the business.

B       Items which will not wear out quickly.

C       Expensive items bought for the business.

D       Items having a long life and bought for resale.

E        Items having a long life and not bought for resale.

 

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(v)                Which of the following is NOT an asset?

A       Buildings

B       Loan from K Hamis

C       Accounts receivable

D       Cash balance

E        Inventories.

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(vi)              The credit entry for net profit is done in the 

  1.  trading account 
  2. drawings account         
  3. profit and loss account
  4. capital account
  5.  income and expenditure account.
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(vii)            The total of the purchases journal is entered in the 

A       debit side of purchases day book

B       credit side of the purchases account

C       debit side of the purchases account

D       debit side of the sales account

E        credit side of the sales.

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(viii)          Which of the following expression is correct?

A       Assets ­ capital = liabilities

B       Liabilities ­ capital = assets

C       Liabilities = assets = capital

D       Assets + liabilities = capital

E        Capital + assets = liabilities

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(ix)              The cost of putting goods into a saleable condition should be charged to

A       trading account

B       sales account

C       profit and loss account

D       receipt and payment account

E        income and expenditure account

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(x)                Which of the following describes the meaning of purchases?

A       Goods bought for cash

B       Goods bought on credit

C       Goods bought for resale

D       Goods bought and paid for

E        Goods bought and stored.

Choose Answer :


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