The current growth in the volume of trading and financial dealing in Nigeria is helped by
Increased financial activities
Government intervention
Credit as a factor in business
Payment for goods in cash
Correct answer is A
No explanation has been provided for this answer.
The following are the importance of branch account except
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
It assist the organization to determine the performance of a branch manager
It allows fraud and wastage of resources
Correct answer is D
The activities and resources of branches is strictly monitored by the head office and each branch is supplied according to its need so it will be difficult to commit fraud or waste any resources.
The movement of goods from head office to a branch is treated in the head office as
Sales
Issue
Purchases
Requisition
Correct answer is B
No explanation has been provided for this answer.
I, II and IV
II, III and IV
III and IV
I, II and III
Correct answer is B
The receipts and payment account is one of the account of a non-profit oriented organization that performs the same functions as cash account in a profit oriented organization all forms of payment since cash is involved will be recorded and also performs the same functions as the cashbook does for profit oriented organization
Which of these is the main source document for recording cash paid into bank?
Invoice
Cheque book
Credit note
Pay-in-slip
Correct answer is D
Pay-in-slip:this is in form of a slip designed with the name of the bank on top that has dates amounts in figure and word, column for the denomination of money paid in signature bank teller, stamp to prove the money is deposited into the bank