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1.
The basis upon which assets of an organization is valued is the
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A.
historical concept
B.
business entity concept
C.
periodicity concept
D.
materiality concept

2.
An accountant must not only be interested in record keeping but also in
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A.
the application of proffessional competency
B.
the accuracy of postings
C.
the casting of financial figures
D.
effective preparation of balance sheet

3.
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
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A.
capital and debit liabilities
B.
liabilities and credit assets
C.
assets and credit capital
D.
capital and credit assets

4.
The capital of a sole trader can be increased by
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A.
debiting the capital account
B.
crediting the capital account
C.
debiting the cash account
D.
crediting the cash account

5.
Akirika bought a motor van for his business by cash. The entries are to debit
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A.
motor van and credit Akirika
B.
sales and credit Akrika
C.
motor van and credit cash
D.
cash and credit motor van

6.
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit
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A.
sugar account #12,000 and credit Jide #12,000
B.
Jide #12,000 and credit sales account #12,000
C.
Ibrahim #12,000 and credit Jide #12,000
D.
sugar account #12,000 and credit Ibrahim #12,000

7.
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide's book would be to debit
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A.
purchases #12,000 and credit Ibrahim #12,000
B.
purchases #12,000 and credit sugar account #12,000
C.
Jide #12,000 and credit purchases
D.
Ibrahim #12,000 and sugar account #12,000

8.
In a three-column cash book, dishonored cheques will be shown on the
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A.
bank column (debit)
B.
bank column(credit)
C.
cash column(debit)
D.
cash column(credit)

9.
Cash can be drawn from the bank using
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A.
a bank teller
B.
a credit card
C.
a recharge card
D.
ATM card

10.
In a modern day banking system, cash transfer cannot be made where the transferor
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A.
has no sufficient cash with the bank
B.
has no account with the bank
C.
does not reside in the bank's country
D.
does not possess the domestic currency

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