Calculate the cash balance after the discount
- A. N2760
- B. N4 300
- C. N6 200
- D. N2.400
If Fatima was granted a discount of 2% what will be discount allowed?
- A. N20
- B. N40
- C. N60
- D. N4
When Your Silence Is Loud..& Your Eyes Speaking Volumes..
Calculate the value of credit sales
- A. N484 000
- B. N448000
- C. N584 000
- D. N558 000
Credit sales is given at 160% of cash received.
What is the balance c/d?
debit 64300
- A. N333 000
- B. N234 000
- C. N343 000
- D. N243 000
How much selling and distribution expenses is apportioned to department M?
- A. N 800
- B. N 600
- C. N400
- D. N1800
How much rent is apportioned to department K?
- A. N1200
- B. N1800
- C. N2000
- D. N750
As evidence of payments to a government ministry, the revenue collectors will issue?
- A. treasury receipt
- B. receipts vourcher card
- C. treasury card
- D. stores receipts vourcher
An increase in government expenditure within a year is taken care of by means of?
- A. financial regulations
- B. virement
- C. warrant
- D. supplementary estimate
An ordinary share of N80 was issued at N96. The share was issued at?
- A. premium
- B. par
- C. discount
- D. loss
The financial plan of the government for a year is contained in the?
- A. budget
- B. cash analysis book
- C. vote book
- D. gazette
Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled N800.
A provision of 2% was made for discount and 5% provision for bad and doubtful debts.
Find the amount for sundry debtors after provision?
- A. N760 000
- B. N744800
- C. N744 000
- D. N784 000
The directors’ salaries paid are items of?
- A. current liabilities
- B. profit and loss account
- C. trading account
- D. current account
Given:
N6 000 10% preference shares of N0.50 each
N6 000 ordinary shares of N1 each
Capital reserves N2 700 000
Long-term liabilities N4 000 000
Find the value of authorized share capital?
- A. 13 000 000
- B. 12 000 000
- C. 9 000 000
- D. 15 700 000
The capital contribution by the partners is treated in the?
- A. current account
- B. capital account
- C. trading account
- D. balance sheet
The interest on partners’ loans is?
- A. debited in current account
- B. credited in profit and loss account
- C. debited in profit and loss account
- D. credited in current account
The rules which govern the internal management of a firm and its financial affairs in a partnership business is a?
- A. memorandum
- B. bye-law
- C. deed
- D. financial regulation
The salary of a partner is usually debited to the?
- A. sundry debtors' account
- B. appropriation account
- C. profit and loss account
- D. sundry current account
Which of the following is mostly used in treating partners’ current earnings?
- A. Savings account
- B. Current account
- C. Capital account
- D. Share capital account
Goods returned to branch by customers is recorded in the head office books be debiting?
- A. bank account and crediting branch stock account
- B. goods sent to branch account and crediting branch debtors''account
- C. branch stock account and crediting branch debtors account
- D. branch debtors' and credting cash acount
The branch expenses paid by the head office is recorded in the books by debiting branch?
- A. bad debt account and crediting branch debtor's account
- B. expenses account and crediting bank account
- C. profit and loss account and crediting branch stock account
- D. discount allowed account and crediting branch debtors' account
If goods were returned to branch by the customers, the correct posting for this transaction is to debit?
- A. branch debtor's account and credit head office account
- B. head office account and credit branch stock account
- C. branch stock account and credit branch debtors' account
- D. branch cash account and credit branch stock account