Determine the owners equity
- A. N200,000
- B. N 215,000
- C. N275,000
- D. N755,000
Use the information below to answer the question
The quick ratio is
- A. 0. 82: 1
- B. 0. 91:1
- C. 0.95:1
- D. 1:53:1
Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?
- A. N 535,650
- B. N628,300
- C. N637,950
- D. N647,600
Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
What is the closing stock for the period?
- A. N 69,300
- B. N81,300
- C. N81,600
- D. N106,400
Given:
Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period
- A. N29,000
- B. N 31,500
- C. N46,500
- D. N50,000
Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
What is the balance c/d in the purchases ledger control account?
- A. N 2,000
- B. N 8, 000
- C. N 40, 000
- D. N49,000
Use the information to answer the question
Aminu and Sons credit purchases (Extract] as at February 1996.
Feb 1Credit balances 40, 000
Debit balances 1, 000
Feb 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to suppliers 30,000
Credit balance in the purchases ledger set off against debit balances in the sales ledger 2000
The Total for the purchases ledger control account is
- A. N 480,000
- B. N490000
- C. N 500,000
- D. N540,000
Appropriation Account
Kudu Wale
Interest on capital 750 550
Salaries 800 600
Share of profits 3,300 3,300
Determine the net profit of the partnership.
- A. N 9,300
- B. N 6,600
- C. N4,850
- D. N 4,450
The conventional sources of public revenue includes?
- A. loans,taxation, foreign reserves and dividends
- B. interest, royalties, taxation and loans
- C. crude oil, interest, posted price and taxation
- D. taxtion, deficit budgeting, royalties and loans
Which of the following account is kept by local governments in Nigeria?
- A. Balance sheet
- B. Advances account
- C. Debtors account
- D. Profit account
Capital and revenue expenditures of government are usually accounted for under funds which include?
- A. A personal advances, technical, special trust and
- B. technical, special trusth and commercial funds
- C. personal advances, treasury clearance and special trusth funds
- D. commercial loans and treasury clearance funds
What is the correct entry in the head office books at the point of initial transfer of the goods?
- A. Branch stock account would be credited with
- B. Branch stock account would be debited with N12,000
- C. Goods sent to branch account would be debited with N10,800
- D. Goods sent to branch account would be credited with N12,000
Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.
The profit marginal should be?
- A. debit to goods sent to branch account
- B. debit to branch stock adjustment account
- C. credit to branch adjustment account
- D. credit to branch stock adjustment account
To record the transfer of stock from one department to another, the correct entry would be to debit?
- A. goods outwards and credit goods inwards
- B. merchandise account and credit department stock account
- C. department transfering and credit department receivving
- D. department receiving and credit department transfering
The best method of allocating expenses among departments is to?
- A. allocate expenses to each department in proportion to the sales of that department
- B. charge against each department those costs which are within its control
- C. charge expenses against each department in proportion to the purchases of that department
- D. allocate expenses to each section of the department in relation to the number of people
Shares issued to a vendor in payment of business purchased would require a debit to?
- A. cash account and credit to share capital account
- B. share capital account and credit to vendor's account
- C. vendor's account and credit to share capital account
- D. share capital account and credit to cash account
Calls in advance are treated in the balance sheet as?
- A. current asset
- B. current liability
- C. fixed assets
- D. fixed liability
If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?
- A. preliminary expenses, credit cash accounts
- B. promoter, credit creditors' accounts
- C. lawyer's credit cash accounts
- D. cash , credit incorporation accounts
Which of the following events increases a corporation’s shareholders equity?
- A. Donation of shares out of the corporation's own stock to the corporation
- B. The corporation's purchase of treasury stock
- C. Shares of previously subscribed stock issue to subscribing stockholders
- D. A municipality donation of land to the corporation
The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its?
- A. earning per share
- B. redemption price per share
- C. book value per share
- D. call price per share
If a sole proprietorship is purchased for cash, then?
- A. the purchaser debits his business purchase account with the consideration he pays
- B. all assets and liabilities must be bought
- C. goodwill results where value of assets
- D. the vendor debits his business purchase account with the considerstion he receives