Calculate the cost of goods sold.
- A. N61 000
- B. N58 000
- C. N62000
- D. N57 000
Find the average stock for the period
- A. N27 000
- B. N23 000
- C. N28 000
- D. N20 500
Which of the following signs general warrant for the release of money from the consolidated revenue fund?
- A. Minister of Finance
- B. Chairman, Economic Advisory Committee
- C. Permanent secretary
- D. Minister of Economic Planning
The chief accounting officer of a local government is the?
- A. Chairman
- B. Treasurer
- C. Director of personnel
- D. Auditor
Which of the following is a signatory to federal government account?
- A. Auditor-General
- B. Governor of Central Bank
- C. Accountant-General
- D. Persident
If Aboki Holdings Limited issued 120, 000 ordinary share of N2.00 each at market value of 5.50k each, the share premium would?
- A. N500 000
- B. N450 000
- C. N550 000
- D. N420 000
Which of the following accounts for the highest revenue to Nigeria?
- A. Import duties
- B. Personal income tax
- C. Petroleum income tax
- D. Company tax
The fund in which all government receipt are paid is?
- A. consolidated revenue fund
- B. development fund
- C. trust fund
- D. contingency fund
The founders of a company are?
- A. promoters
- B. shareholders
- C. canvassers
- D. stakeholders
Goodwill is determined using?
- A. capital contribution
- B. number of partnerd admitted
- C. the business and customer relations
- D. number of active partners
Which of the following can be used on admission of a new partnership?
- A. Revaluation account
- B. Profit account
- C. Capital account
- D. Trading account
The interest on Keme’s drawings is calculated as?
- A. N200
- B. N150
- C. N300
- D. N100
Use the information below to answer questions 40 and 41.
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2.
Capital – Keme………….N20 000
…….. – Kemi………….N10 000
Drawings – Keme………….N2 000
…….. – Kemi………….N3 000
Profit………………….N6 000
Interest on capital………5%
Interest on drawings……..10%
The interest on Kemi’s capital is?
- A. N1 000
- B. N2 000
- C. N500
- D. N3 000
The major point of agreement carried by the partnership deed is?
- A. 5% interest annum on any loan
- B. an oral agreement among the partners
- C. method of inhertance by the partners' children
- D. the profit and loss sharing ratio of the partners
Goods invoiced to a branch can be sent using?
- A. cost price, selling price and fixed percentage on selling price
- B. cost price, selling price and fixed percentage on cost price
- C. cost priceand fixed percentage on cost price
- D. cost price and fixed percentage on selling price
The two accounts that are normally opened in the head office when goods are transferred to a branch are?
- A. branch supplies and branch receipts
- B. branch stock account and goods sent to branch accounts
- C. goods sent to brannch account and branch receipt account
- D. goods sent to branch accounts and branch supplies
The correct entries to record goods transferred to branch from head office is to debit?
- A. branch stock account and credit goods sent to branch account
- B. branch supplies account and credit branch stock account
- C. branch stock account and credit purchases account
- D. goods sent to branch account and credit branch stock account
The cost method of charging goods to branch is used where?
- A. branch stock adjustment account is in use
- B. the retention of branch trading account is in addition to the cost of goods sold
- C. goods are sent without invoice or any source documents
- D. goods are of a perishable nature on which a pre-determined price is inapplicable
The transactions relating to liquidation in partnership account is drawn by using?
- A. current account
- B. cash account
- C. capital account
- D. realization account
The major objective of departmental accounts is to ascertain the?
- A. contribution of each department to profit
- B. materials sold in each department
- C. insurance premium payable on employees
- D. number of employees in each department
The capital of not-for-profit-making organization is referred to as?
- A. entity fund
- B. capital owned
- C. accumulated fund
- D. capital employed