Calculate the closing stock under FIFO method
- A. N875
- B. N675
- C. N600
- D. N300
Determine the closing stock under LOFO method
- A. N575
- B. N500
- C. N375
- D. N275
Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003
Determine the closing stock
- A. N20 000
- B. N30, 000
- C. N40 000
- D. N50,000
The tier of government that uses financial memorandum is the?
- A. federal government
- B. state government
- C. local government
- D. municipal government
The accounting method that reports incomes when earned and expenses when incurred is called?
- A. cash accounting
- B. commitment accounting
- C. fund accounting
- D. accrual accounting
A company paid cash in redemption of N10,000 debenture.
The accounting entry to record this will be to debit?
- A. cash and credit debenture
- B. debenture and credit cash
- C. cash and credit capital
- D. capital and debit cash
When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
- A. cash account and credit realization account
- B. rassets account and credit realization account
- C. realization account and credit realization account
- D. assets account and credit cash account
Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
The balances of current accounts of Jide and Haruna are respectively?
- A. N6000 and N5000
- B. N3000 and N3400
- C. N4000 and N4000
- D. N3000 and N600
Use the information below to answer question
Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.
Calculate the profit available for appreciation?
- A. N12 000
- B. N10 000
- C. N8 000
- D. N7 000
Profit or loss in a partnership is usually arrived at after deducting from gross profit all expenses including?
- A. partners' salaries
- B. interest on capital
- C. partners' drawings
- D. interest on loans
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?
- A. debit entry
- B. credit entry
- C. contra entry
- D. reversal entry
The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?
- A. debtors' account
- B. trading account
- C. expenses account
- D. cash account
The movement of goods from head office to a branch is treated in the in the head office accounts as?
- A. sales
- B. issue
- C. purchase
- D. requisition
A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?
- A. N9000
- B. N6000
- C. N4500
- D. N1500
Departmental accounts are prepared to aid the comparison of the?
- A. previous year's transactions
- B. daily profits
- C. workers' performances
- D. management performances
Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?
- A. debit side of its profit and loss account
- B. credit side of its profit and loss account
- C. debit side of its income and expenditure account
- D. credit side of its income and expenditure account
The not-for-profit-making organizations generate their income mainly from?
- A. bar sales
- B. subcriptions
- C. rents
- D. pools
Use the information below to answer questions
Purchase:..Raw materials……………..N15 000
Finished goods………………………N11 400
Stock:….(1/7/01)Raw materials……….N2 250
Work-in-progress…………………….N1 875
Wages:…..Direct……………………N17 100
Indirect……………………………N5 400
Stock:…..(30/06/02)Raw materials…….N3 000
Work-in-progress…………………….N3 375
Determine the accumulated fund value?
- A. N9360
- B. N6320
- C. N4200
- D. N3000