ACC 101 TMA 1 QUESTION AND ANSWERS

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 Question: Many estimates, allocations and valuations in accounting are based on one of the following concepts

Answer: [C] Going concern concept


Question: Recording of expenses made and payments received is within the exclusive limit of one of the following

Answer: [C] Bookkeeping


Question: Zakiyya & Co bought electricity appliances worth N56,000 and paid by cash. Indicate which account to be debited and which to be credited

Answer: [D] DR- Electricity Appliances A/C and CR-Cash A/C


Question: Book keeping activities involves all of the following EXCEPT

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Answer: [A] Statement of Cashflow


Question: In accounting, profit is calculated or determined by including elements of revenue and costs

Answer: [A] This statement is correct


Question: In record keeping, back up is essential if informations are stored

Answer: [D] Electronically


Question: Maintaining of proper records both electronic and otherwise is an important step in book keeping and it is called

Answer: [C] Documentation


Question: Which of the following statement is NOT true about invoice

Answer: [A] It is an outright demand for payment


Question: Nehemiah & Co purchased goods worth N150,000 on credit from Nagwamatse group on 25th March, 2019. Nagwamatse group granted Nehemiah & Co 7% cash discount if the credit sales is fully settled on or before 20th April, 2020. Calculate the balance to be paid by Nehemiah & Co within the agreed period.

Answer: [C] 139,500



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