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ACC 102 TMA 1 2020_2 QUESTION AND ANWERS

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09094634823 - Seniorman
FOR YOUR TMA submission and All registrations/Enquiries




Question: The initial investment of the business owner in the company is reffered to as -----------
Answer: [D] A and B above

Question: The value derived by adding the purchases to opening stock then deducting the closing stock (in absence of any other information) is known as
Answer: [C] Cost of goods sold
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Question: Which of the following will appear on the credit side of the purchases ledger control account?
Answer: [B] Credit purchases

Question: After the initial development of accounting following Lucia Pacioli\'s publication in 1494 other changes witnessed in accounting were informed by:
Answer: [D] All of the above

Question: In the financial statements of an organisation accruals are treated as----------
Answer: [A] Current liabilities

Question: A business entity that applies the same methods, policies and estimation techniques in preparing its financial statements from year to year is observing which accounting concept?
Answer: [B] Consistency concept

Question: The sales returns day book records------------
Answer: [C] Goods sold on credit that are returned by customers

Question: The qualitative characteristic of accounting information that discourages changes in the basis for preparation of accounting information from period to period is
Answer: [D] Comparability

Question: An entity values its closing inventory on the basis of lower of cost and net realisable. If cost of inventory is N600,000 and net realizable value of inventory is N615,000, what is closing inventory?
Answer: [C] N600,000

Question: Which of the following errors affect the trial balance?
Answer: [A] Costing error
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