Economics Answers

You have a new employee, Steven Maxwell who will be working in the warehouse. You have provided the TFN declaration form however Steven does not want to quote his TFN. What do you do in this situation?

9.The purpose of Accounting is to ….....
a.Value stocks and materials
b.Provide means of keeping money
c.Provide financial information
d.Calculate figures

10.Under the entity concept …...... … is different from its owner
a.Limited company only
b.Private cmpany only
c.Any business organisation
d.Partnership only

7.The Sales Day Book records goods sold ….........
a.On Credit
b.In bulk
c.On Credit and Cash
d.On Cash

8.Mr. Mosirunmuro sold cosmetics and receive cash of N90, 000 on 15th of January 2016.What is the double entry postings for this transaction?
a.DR Cash Acct and CR Purchases Acct
b.CR cash and Cr Bank
c.CR Purchases Acct and CR Sales Acct
d.DR Cash Acct and CR Sales Acct

5.Aderoju and Sons made a net loss of N 19,267,000 after an accumulated expenses of N52,329,000. What was the gross profit amount?
a.71586000
b.19267000
c.52329000
d.33062000

6.The concept which states that in measurement of profit, costs incurred in generating revenue should be reported together in the period they arise is ….....
a.Matching
b.Realisation
c.Prudency
d.Materiality

3.What is the net profit figure for the year ended from the following information: Capital (at 1/1/2017) - N4,916,000; Capital (at 31/12/2017) - N5,864,000; Drawings during the year - N1,040,000; Additional Capital introduced during the year - N 400,000 ?
a.1588000
b.1805000
c.5864000
d.1500000

4.Compute sales turnover if the gross profit is N33,062,000 and cost of sales is N56,539,000.
a.89601000
b.22477000
c.56539000
d.32062000

1.The opening and closing balances of Trade Payables for year 2018 was N6,756,000 and N7,840,000 respectively. If the total payment to creditors from bank equals N24,310,000 What is the amount of credit purchases?
a.25394000
b.6756000
c.7840000
d.24310000

2.What is the net asset figure based on the following information: Fixtures N1,800,000; Trade Receivables - N480,000; Inventory- N2,400,000; Loan - N 600,000; Payables - N800,000;\nBank N1,636,000?\n
a.1800000
b.1400000
c.4916000
d.6320000

9._______ are those payable to a named payee or some person designed by him.
a.Order Bills
b.Drawer Bill
c.Incomplete Bills
d.Inland Bills

10.All of the following are types of relationships that exists between a customer and a bank except______
a.Bailee or Bailor relationship
b.Manager relationship
c.Agent/Principal relationship
d.Trustee relationship

7.One of the following is not a responsibility or duties of the loan committee
a.Ascertain the reasons for renewal
b.To ensure that loans are given out to all customers
c.Review major loan renewals
d.To review major new loans

8.Discount Houses provide all the following sources of fund_______
a.Deposits
b.Short-term borrowing
c.Reserves
d.Call money

5.One of the following is not a Canon of good lending
a.Over the counter payment
b.Loan features
c.Retained profit
d.Letter of credit

6.One of the following is not an instrument or methods used for internal payment through the banking system within Nigeria
a.Certificate of deposit
b.Cashcard
c.Cheque
d.Creditcard

3.Which of the following is not a portion of the total receipts from the profits of a bank
a.Interest Dividends
b.Bank reserves
c.Commission
d.Discounts

4.Which of the following is not one of the parties to a bill of exchange?
a.Drawer
b.Biller
c.Drawee
d.Payee