Based on the FIFO method of valuation the total cost of the raw materials issued is
- A. N150
- B. N160
- C. N240
- D. N250
WHAT IS THE VALUE OF RAW MATERIALS ISSUED ON MAY 17TH BASED ON THE LIFO METHOD?
- A. N60
- B. N61
- C. N62
- D. N64
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.
The cash book closing balance will be
- A. N900
- B. N2,400
- C. N4,200
- D. N4,600
The owner wishes to maintain an amount equal to \( \frac{1}{3} \)
of capital as drawings.
The amount withdrawn is
- A. N2,100
- B. N2,200
- C. N4,400
- D. N6,400
The depreciation to be charged to department T is ?
- A. N30P00
- B. N400
- C. 500
- D. N600
What is the net profit made by department S?
- A. N3,600
- B. N,3000
- C. N2,400
- D. N2,000
The value of the owner’s equity is
- A. N400,000
- B. N900,000
- C. N957,000
- D. N1,357,000
What is the value of the authorized share capital?
- A. N500,000
- B. N600,000
- C. N750,000
- D. N1, 200,000
The statement of assets and liabilities in the public sector can be described as the?
- A. income and expenditure accountof government
- B. appropriation account of government
- C. balance sheet of government
- D. funds flow statement of government
The budget statement presented to the legislature by the Chief Executive is called?
- A. an appropriation act
- B. a budget bill
- C. an appropriation bill
- D. a budget proposal
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?
- A. Consolidated Revenue Fund
- B. Federation Account
- C. Revenue Mobilization Allocation and Fiscal Commission's Account
- D. Equalization Fund
Share premium is an example of?
- A. revenue reserve
- B. capital reserve
- C. general reserve
- D. loan capital
The expenses incurred in promoting a company are?
- A. promoters' expenses
- B. floating expenses
- C. preliminary expenses
- D. the borad's expenses
Debentures can be redeemed out of?
- A. existing share capital reserve
- B. existing general reserve
- C. proceeds from new issue of shares
- D. withholding tax
The accounting entry to record the premium on goodwill is to debit?
- A. cash and credit old partners' capital
- B. goddwill and credit revaluation
- C. assets and credit capital
- D. capital and credit assets
When a new partner is admitted to a partnership, there is a need to revalue the?
- A. capital of the business
- B. capital and liabilities of the business
- C. assets and capital of the business
- D. assets and liabilities of the business
What is Kunle’s share of the profit?
- A. N600
- B. N300
- C. N180
- D. N120
Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
- A. N4,000
- B. N2,800
- C. N1,500
- D. 300
On dissolution, the final distribution of cash to partners is based on?
- A. patnership agreement
- B. Articles os asssociation
- C. goodwill
- D. capital balances
Transfers from the head office to branches are best carried out at?
- A. cost price
- B. selling price
- C. cost plus mark-up
- D. market price
Discounts granted branch customers are treated as a debit to branch?
- A. stock account and a credit to branch debtors'account
- B. discount account and a credit to branch bank account
- C. stock account and a credit to branch bank account
- D. discount account and a credit to branch debtors' account