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5Points Quiz

A present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying is expected to result in an outflow from the entity of resources embodying economic benefits, is known as

        A.   An asset

        B.   A provision

        C.   A liability

        D.   A payable

Answer: C

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A company's net profit for the year ended 30 June, 2014 was N6,500,000. It was found that N1,800,000 paid for maintenance of motor vehicles had been debited to motor vehicle account and depreciated at 25% on cost (full year charge) in line with the company's policy. What would be the net profit after adjusting for the error?

        A.   N1,350,000

        B.   N4,700,000

        C.   N5,150,000

        D.   N7,800,000

Answer: C

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The balance as per bank statement is

        A.   N39,500

        B.   N41,500

        C.   N139,500

        D.   N179,500

Answer: A

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The adjusted cash book balance is

        A.   N100,000

        B.   N109,500

        C.   N155,500

        D.   N209,500

Answer: B

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When recognising income under the accrual basis, which of the following statements is correct

        A.   Income is recognised when earned and cash is received

        B.   Income is recognised only when it is not certain that cash will be received

        C.   Income is recognised only when cash is received

        D.   Income is recognised when earned and not necessarily when cash is received

Answer: D

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The effect of the error on the financial statements, if not detected, would include the following except

        A.   The purchases in the financial statements will be overstated.

        B.   The inventory of the outfit will be understated

        C.   The profit of the outfit will be understated

        D.   The non-current assets account will be understated

Answer: B

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How to login to NOUN Elearn Portal

  • Admin
  • 25 Feb, 2022 12:12:45

You can now use you matric number to login as your username and  password in a lowercase.

https://elearn.nouedu2.net/login/

Note that you are to change your passw...

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