Determine the value of closing stock using the LIFO method
- A. N2 000
- B. N2500
- C. N4000
- D. N35000
Assuming the closing stock was valued at N19 000 at the end of November, what was the gross profit?
- A. N30 000
- B. N50 000
- C. N70 000
- D. N100 000
X represents
- A. bank charges
- B. an unpresented cheque
- C. dividends
- D. an uncredited cheque
What was the bank balance at the end of the month?
- A. N7 000
- B. N6 500
- C. N 7 500
- D. N 9 000
On Jan. 30 Khalifa withdraw N2500 from the bank for office use.
The cash balance at end of the month was
- A. N1 600
- B. N4 100
- C. N 6 600
- D. N6 100
Which of the following is a journal as well as a ledger?
- A. Nominal ledger
- B. Sales day book
- C. General ledger
- D. cash book
Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of N40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of
- A. N4000
- B. N6000
- C. N10000
- D. N8000
LOAN IS 30% OF CREDITORS.
A company has departments S,T and U. The sales are N20 000,20 000, N40 000 AND N60 000 respectively if the sales commission paid is N12 000, how much is T’s share?
- A. N8000
- B. N2000
- C. N4000
- D. N6000
LOAN IS 30% OF CREDITORS.
What is the capital balance?
- A. N1000
- B. N2 100
- C. N900
- D. N1200
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
The subscriptions received would be
- A. N200 000
- B. N240 000
- C. N300 000
- D. N24 000
The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?
- A. N35 000
- B. N211 000
- C. N5 000
- D. N10 000
Determine the opening cash balance of the club?
- A. N3 070
- B. N2 220
- C. N5 710
- D. N4 320
In converting a to a partnership company, the loss on asset revaluation is?
- A. debited to the revaluation account
- B. debited to the profit and loss account
- C. credited to the revaluation account
- D. credited to the profit and loss account
MPOBA Club’s annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks……………….N212 500
Annual dues…………………..N112 000
How much is the total receipt of the club?
- A. N563 440
- B. N687 940
- C. N363 440
- D. N524 500
Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?
- A. N4000
- B. N6000
- C. N10000
- D. N8000
Given:
Subscriptions received………N200 000
Subscriptions owed………….N10 000
Subscriptions in advance…….N25 000
Calculate the subscription in the income and expenditure account?
- A. N200 000
- B. N235 000
- C. N185 000
- D. N225 000
Given:
………………..January………….December
Assets…………….N28,320………….N25,320
Creditors………….N5,620…………..N10,320
The proprietor made drawings of N755 per month for personal use.
The profit for the period is?
- A. N3000
- B. N1,360
- C. N9060
- D. N7700
When goodwill is not retained in the business, the entries in the new partners’ book will be to debit?
- A. good account and credit partners' capital account
- B. partners' capital account and credit goodwill account
- C. cash account and credit goodwill account
- D. goodwill account and credit cash account
Departmentalization of accounts is useful because it shows the?
- A. overall performance of a firm
- B. price per unit of a product
- C. cost per unit of a product
- D. overall performance of a division
Use the information below to answer question .
Prime cost………………N12 100
lighting………………..N10 000
Heating…………………N15 000
Factory overhead…………?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
Interest on the drawings of partners is treated in the?
- A. profit and loss appropriation account
- B. goodwill account
- C. profit and loss account
- D. trading account