Which of the following is used in the public sector to monitor or control government expenditure?
sales day book
cash book
cheque
vote book
Correct answer is D
The vote book is a memorandum book which is maintained by each sub-head to control and monitor government expenditure.
One of the options below is not the source of income for non - profit organization
Ordinary shares
Donations
Subscription/dues
Entrance fees
Correct answer is C
Subscription is the contribution made by the members to the club or society at regular intervals. It can be paid by members in advance or in arrears.
The accounting system in which only one aspect of transaction is recorded is
Single entry
Single column cash book
Original entry
Double entry
Correct answer is A
No explanation has been provided for this answer.
Accounting entry for dissolution expenses is
Dr : Partnership account ;Cr: Realization account
Dr: Revaluation account; Cr: Partnership account
Dr: Realization account; Cr: Cash account
Dr: Partners current account; Cr: Realization account
Correct answer is C
When dissolution expenses are paid, the Realization account is debited because it represents the expenses related to the dissolution of the partnership. The Cash account is credited because cash is going out of the business to pay for these expenses. Hence, the correct accounting entry is 'Dr: Realization account; Cr: Cash account'.
Danladi Bako's Statement of Affairs as at 30/06/17
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78650 | 78650 |
What is the value of Dalandi Bako's capital?
₦60,150
₦78,650
₦50,160
₦60,650
Correct answer is D
No explanation has been provided for this answer.