In a control account, discount received is found on the?
- A. debit side of the purchase ledger control account
- B. debit side of the sales ledger control account
- C. credit side of the purchase ledger control account
- D. credit side of the sales ledger control account
Given:
Capital at start…………………..N3250
Capital at close ………………….N6250
Additional capital during the period…N1000
Calculate the profit or loss?
- A. N8500 profit
- B. N2000 loss
- C. N2000 profit
- D. N8500 loss
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
- A. Standard price
- B. Marketing price
- C. FIFO
- D. Average method
Given:
Cash purchases …………………………N25000
Trading creditors……………………….N45000
Opening balance of trade creditors………..N35000
Calculate the purchases for the period?
- A. N80,000
- B. N35,000
- C. N105,000
- D. N70,000
A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?
- A. 35%
- B. 30%
- C. 20%
- D. 15%
Costs that vary in proportion to the level of production in a manufacturing environment are known as?
- A. control costs
- B. overheads
- C. direct costs
- D. indirect costs
Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?
- A. N1000.00
- B. N333.33
- C. N666.66
- D. N800.00
Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours.
Compute the overhead rate?
- A. N12 per hour
- B. N16 per hour
- C. N10 per hour
- D. N15 per hour
Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. Stock at branch 1st January at cost…………N400 Goods sent to branch at cost……………….N8000 Returns to head ………………………….N340 Cash sales ………………………………N9160 Stock at branch 31st December at cost……….N720
Calculate the cost of goods credited to the head office trading account?
- A. N7660
- B. N7500
- C. N7460
- D. N7200
Use the information below to answer questions
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost…………N400
Goods sent to branch at cost……………….N8000
Returns to head ………………………….N340
Cash sales ………………………………N9160
Stock at branch 31st December at cost……….N720
What is the gross profit carried to the profit and loss account?
- A. N1820
- B. N1640
- C. N1530
- D. N1870
(i)Orientation (ii) Entity (iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?
- A. i, ii, iii and iv
- B. i, ii, and iii
- C. ii, and iii
- D. i and ii
Stock or raw materials(1st January) 3000
Direct wages 2500
Direct expenses 1000
Factory overheads 2000
Cost of raw materials used 5500
Stock of finished goods (31st December) 2000
The cost of goods manufactured is?
- A. N11000
- B. N12000
- C. N14000
- D. N9000
Use the information below to answer question
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?
- A. N7500
- B. N6500
- C. N9000
- D. N8000
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?
- A. market value of goods produced
- B. prime cost of production
- C. indirect cost of production
- D. goods produced
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?
- A. carriage outwards
- B. carriage inwards
- C. discounts received
- D. returns outwards
The concise statement used to explain entries in the general journal is known as?
- A. narration
- B. summary
- C. information
- D. commentary
Use the information below to answer question .
Statement of assets and liabilities as at 31st December, 2001.
Shareholders’ interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?
- A. N90m
- B. N70m
- C. N100m
- D. N80m
Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders’ interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?
- A. N8m
- B. N10m
- C. N15m
- D. N20m
The normal accounting entry to record the dishonor of a businessman is to?
- A. debit cash book and credit suspense account
- B. debit cash book and credit drawer
- C. credit caah book and debit suspense account
- D. credit cash book and debit drawer
Use the information below to answer questions 9 and 10.
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The liabilities of Udo Co. Ltd is?
- A. N180,000
- B. N181,000
- C. N177,000
- D. N110,000
Use the information below to answer questions
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The value of capital invested by the owners is?
- A. N110,000
- B. N105,000
- C. N101,000
- D. N100,000