Contingencies
Reserved expenditure warrant
Annual general warrant
Provisional general warrant
Correct answer is D
Provisional general warrant is used to release fund for the payment of emolument and other services before the budget is approved. It will be in operation for four months.
The use of three column cash book is determined by
Trade discount
Cash transaction
Bank transaction
Cash discount
Correct answer is D
The cash discount is allowed for prompt payment of an account or for payment within a specified period of time. It is divided into discount allowed and discount received.
The following are importance of branch account except
It allows fraud and wastage of resources
It assist the organization to determine the performance of a branch manager
It enable the organization to determine the branch that is making either profit or loss
It allows proper control over the branch by the head office
Correct answer is A
The importance and objectives of branch account are:
- to access the performance of the branches
- to prevent wastage
- to prevent fraud and other malpractices
- to ascertain the profit or loss for each branch
₦250
₦570
₦850
₦600
Correct answer is D
No explanation has been provided for this answer.
Which of the following errors will affect the trial balance total?
Omission of sales of ₦3000 and purchases of ₦2000
Posting discount allowed to the debit side of discount allowed account
Omission of one account from the list when extracting the ledgers
Failure to post sales of ₦2000 and purchases of ₦2000
Correct answer is A
No explanation has been provided for this answer.