What was the cost of materials available for use during the period?
- A. N487,100
- B. N449,500
- C. N448,500
- D. N440,300
Use the information below to answer question 28 and 29.
Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500.
What was the total purchases made during the period?
- A. N497,100
- B. N457,700
- C. N449,500
- D. N440,300
The objective of allocating all costs to producer is to?
- A. produce a scientifically accurate cost
- B. avoid unallocated overhead and compute total accounts
- C. co-odinate the cost and financial accounts
- D. compute the contribution of the product to the final profit
The contribution marginal on a job is the?
- A. gross profit
- B. net profit
- C. excess of sales revnue over variable costs
- D. difference between fixed and variable costs
The statement of affairs prepared from incomplete records can be described as?
- A. the summary of all the business transactions of the trader ascertained by the accountant
- B. a balance sheet at a particular date showing the assets and liabilities of the business
- C. a schedule of all the business ventures entered into for the period to which the records relates
- D. the statement that shows the profit or loss made during the period
Derive the total sales figure from the following information extracted from a firm’s cash book and other relevant records.
Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800
- A. N6,800
- B. N153,000
- C. N154,200
- D. N159,800
Determine the year”s purchase from the following information relating to a firm.
Total creditor”s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
- A. N7,200
- B. N98,800
- C. N100,000
- D. N105,800
Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.
- A. N40,935
- B. N27,961
- C. N26,685
- D. N1,185
A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the?
- A. total debtors account
- B. purchase day book
- C. sales day book
- D. cash book
The balance on a purchase ledger control account represents the?
- A. present amount that a business owes its suppliers at date
- B. total credit avaiable to the end of the year to be utilized in future
- C. total credit the business enjoyed for the particular year from its suppliers
- D. total credit owd the business by its customers
On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation with an estimates eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N8000. In recording this sales, it should reflect?
- A. N10,000 loss
- B. N2,000 loss
- C. N4,000 loss
- D. N8,000 gain
A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company’s cost of merchandize available for sale during the period was N128,000. The company’s ending inventory is?
- A. N22,400
- B. N32,000
- C. N51,200
- D. N76,800
Sobande Incorporation acquired a machine that involved the following expenditures and related factors.
N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700
What is the initial accounting cost of the machine?
- A. N19,550
- B. N18,950
- C. N18,350
- D. N17,500
Mayana Corporation uses special journals to record its transactions. If one of Mayana’s customers returns merchandize purchased with cash (for a refund), it makes an entry in the?
- A. cash receipts journal
- B. sales journal
- C. general journal
- D. cash disbursement journal.
State Bank collected a note for A-Makura Company. This collection, not yet recorded in AL-Makura’s books, appears on the bank reconciliation as?
- A. an addition to balance per book
- B. a deduction from balance per bank statement
- C. an addition to balance per bank statement
- D. a deduction from balance per books
The amount required to replenish the payments made from the imprest was?
- A. N399
- B. N394
- C. N358
- D. N101
Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.
What was the actual cash in the till as at 15th July?
- A. N106
- B. N101
- C. N70
- D. N36
The total of the discounts received column in the cash book is posted to the?
- A. credit of the discounts received account
- B. debit of the discounts allowed account
- C. credit of the discounts allowed account
- D. debit of the discounts received account
If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?
- A. overstate income this year and understate in next year
- B. understate income this year and overstate in next year
- C. understate this year's income with no effect on the next year's
- D. overstate the income for the two-year period
The purchase of two generators by Hassan Electronics Enterprises should be recorded as?
- A. an acquistion of fixed assets
- B. an expenses in its general office expenses account
- C. an acquistion of stock
- D. a part of capital in the capital account
N
Bank account 59,410
Capital account 50,000
Purchase account 20,000
Rent 2,500
Stationery 90
typewriter 6,500
Sales 38,000
In preparing a trial from the list of balances given above, what is the total in debit and credit columns?
- A. N147,910
- B. N138,500
- C. N88,500
- D. N85,800