Goods worth N300 was transferred from department Q to P Similarly, P’s total expenses for the period was N200
Department P’s net profit was
- A. N5 200
- B. N3000
- C. N2800
- D. N2 500
Goods worth N300 was transferred from department Q to P Similarly, P’s total expenses for the period was N200
What was department Q’s gross profit?
- A. N2 500
- B. N2 300
- C. N 2 200
- D. N1700
Which of the following is true of Uju Nig.Ltd?
- A. It is a highly geared company
- B. It has no liquidity problem in the short term
- C. It is adequately secured in fixed assets
- D. It's working capital is zero
Give:
1. Ascertainment of the particulars of the proposed company
II. Preparation of the incorporation documents
III. Filling of the documents
IV. Registration of the company
From the information above, the stages involved in the formation of a company are
- A. I, II and III
- B. I, II, III and IV
- C. I,IIand IV
- D. II, III and IV
Use this information below to answer this question.
Trading Account (Extract)
……………..N………………………..N……
Opening stock…19500……..Sales…………96 000..
Add purchases…68700……………………………
…………….88200……………………………
Less closing stock..?……………………………
Cost of goods sold..?……………………………
Gross profit C/D….?……………………………
………………..?……………………..?……
The gross profit margin is 20%
Determine the closing stock
- A. N76 800
- B. N67 800
- C. N14 100
- D. N11 400
Use this information below to answer this question.
Trading Account (Extract)
……………..N………………………..N……
Opening stock…19500……..Sales…………96 000..
Add purchases…68700……………………………
…………….88200……………………………
Less closing stock..?……………………………
Cost of goods sold..?……………………………
Gross profit C/D….?……………………………
………………..?……………………..?……
The gross profit margin is 20%
What is the gross profit?
- A. N88 200
- B. N76 800
- C. N 19 200
- D. N12 900
Given that the balance as per cash book after adjustment was N6315, nu-presented cheques N1000 and the bank statement balance N3240. What was the balance of the nu-credited cheques?
- A. N4075
- B. N4240
- C. N3315
- D. N3075
The Auditor General of the Federation can be removed by the?
- A. National Assembly
- B. Chief Justice
- C. The president
- D. Head of Service
Which of the following is among the categories of government cash book?
- A. Receipt cash book
- B. Payment cash book
- C. Petty cash book
- D. Treasury cash book
The salary of the chief Justice of the Federation is paid from the?
- A. consolidated revenue fund
- B. development fund
- C. contigency fund
- D. special fund
A source of revenue that is compulsory payment without any derived benefit is?
- A. fees
- B. taxes
- C. fines
- D. royalties
Ordinary shareholders received dividend before?
- A. creditors
- B. debtors
- C. preference shareholders
- D. deferred shareholders
Cash received from the subscribed shares is recorded by debting?
- A. application, allotment and crediting cash
- B. allotment and crediting cash
- C. cash and crediting subscribed shares
- D. cash, crediting application and allotment account
Goodwill can be in the balance sheet as?
- A. fixed tangible asset
- B. current asset
- C. fictitious asset
- D. liquid asset
In partnership dissolution, an asset taken over by a partner is debited to?
- A. partners capital account and credited to realization account
- B. Partners capital account and credited to asset account
- C. asset account and credited to realization account
- D. realization account and credited to capital account
The entry in the partnership books of accounts for interest on drawings is to?
- A. credit partners capital account
- B. debit partners capital account
- C. credit drawings account
- D. debit drawings account
Given:
Capital:..G………..N5 000
……….T………..N8 000
Drawings: G………..N2 000
……….T……….N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?
- A. N50
- B. N100
- C. N200
- D. N250
If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?
- A. selling price
- B. Akure price
- C. company price
- D. Lagos price
Given:
(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?
- A. i and ii
- B. i, ii and iii
- C. i, ii, iii and iv
- D. iii and iv
The main reason for adopting a departmental account is to?
- A. record transactions for each department for betterdocumentation
- B. tackle any recording problem as a result of expansion
- C. continuously evaluate the profitability of different departments
- D. ensure that departmental mangers are adequately monitored