In the trading and profit and loss account of a manufacturing organization, purchases is?
- A. always the same amount as the total factory overhead cost
- B. given separately
- C. equivalent to the total cost of goods manufactured
- D. always the same as the prime cost
Expense paid during the conversion of a partnership to a company are?
- A. debited to the partners' capital account
- B. debited to the realization account
- C. debited to the cash account
- D. credited to the realization account
Use the information below to answer question .
Stock (1/1/02) at selling price……….N2000
Goods sent to branch (selling price)…..N?
Sales by branch (selling price)……….N4500
Stock (31/12/02)…………………….N?
Opening stock is 1/4 of goods sent to branch.
The value of goods sent to branch is?
- A. N4 000
- B. N6 000
- C. N8 000
- D. N2 000
Use the information below to answer question
Stock (1/1/02) at selling price……….N2000
Goods sent to branch (selling price)…..N?
Sales by branch (selling price)……….N4500
Stock (31/12/02)…………………….N?
Opening stock is 1/4 of goods sent to branch.
Determine the closing stock?
- A. N5 500
- B. N6 500
- C. N2 500
- D. N4 500
(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?
- A. i only
- B. i, ii and iii
- C. i, ii and iv
- D. ii and iii
Given:
Stock at start:
Raw materials…………….N57 000
Work-in-progress………….N42 000
Finished goods……………N71 000
Purchase of raw materials amount to N81 000, direct labour is N38 000 and factory overhead N29 000.
Calculate the prime cost?
- A. N176 000
- B. N170 000
- C. N167 000
- D. N156 000
Use the information below to answer questions.
Entrance fees…………………….N1200
Subscriptions(including N850 arrears).N4310
Donations received………………..N1500
Proceeds from sales……………….N2300
Total payments……………………N8200
Depreciation……………………..N2100
Closing cash balance………………N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Calculate the total figure for the receipt and payments account?
- A. N11 410
- B. N13 630
- C. N9 310
- D. N11 530
A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays N70 000 on rent, what is the amount of rent that should be allocated to Y?
- A. N30 000
- B. N40 000
- C. N20 000
- D. N10 000