The subscription paid in advance is treated in the balance sheet of a club as?
- A. a surplus
- B. a liability
- C. a deflicit
- D. an asset
The major festure of not-for-profit-making-organization is that they are formed?
- A. to use accumulated fund to described the net amount owed to members
- B. mainly to improve the welfare of her member
- C. to engaged in trading activities to sponsor its activities
- D. in order to compute the receipts and payment account
Work-in-progress is the?
- A. value of party finished goods
- B. value of finished goods sold
- C. sales less cost of goods sold
- D. value of goods produced
The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?
- A. prime cost
- B. indirect cost
- C. total cost
- D. direct cost
The cost that are directly traceable to the the goods being produced is?
- A. party manufactured goods
- B. overhead cost
- C. total factory expenses
- D. prime cost
Use the information below to answer questions 23 and 24.
Incomplete Record (Extract)
Sales………………………………..N10,600
Rent………………………N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%
What is the cost of goods sold?
- A. N4 800
- B. N8 480
- C. N2 320
- D. N 9 900
The control accounting can be used in?
- A. recording all the business transactions of the enterprise
- B. Keeping records of all direct deposit in the bank account
- C. monitoring the books of original entry
- D. monitoring the efficiency of bookkepping by accountants
A typical example of a real account is?
- A. prepayment
- B. expenses
- C. plant
- D. income
What is the value of stock as at the end of July 10 using FIFO?
- A. N14 400
- B. N13 300
- C. N15 200
- D. N12 600
Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?
- A. 80
- B. 100
- C. 60
- D. 160
The item on the credit side of the trading account is the?
- A. returns outwards
- B. caarriage on sales
- C. sales
- D. purchases
In a period of declining price, which of the following methods would result in higher profit?
- A. FIFO
- B. Simple average
- C. LIFO
- D. Weighted average
The type of expense charged against administration of a firm is the?
- A. repairs on building
- B. interesr paid on loan
- C. discount allowed
- D. tax expense
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?
- A. iii and v
- B. ii and i
- C. iv and v
- D. i and iv
Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?
- A. iii and v
- B. ii and iii
- C. iv and v
- D. i and ii
In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?
- A. balance as per bank statement
- B. bank balance as per adjusted cash book
- C. aggregate balance as per cash book
- D. bank balance as per cash book
The process of reconciling cheques between banks is termed cheque?
- A. clearing
- B. truncation
- C. holding
- D. confirmation
In bank reconciliation process, discrepancies cause by timing arises as a result of?
- A. cash book bank statement
- B. bank statement only
- C. cash book, bank statement and other incidental records
- D. cash book only
Use the information below to answer question .
Adamu Stores bought accessories from Mu’azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Calculate the cash discount?
- A. N60
- B. N90
- C. N40
- D. N100
Use the information below to answer question .
Adamu Stores bought accessories from Mu’azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Find the total amount paid?
- A. N260
- B. N300
- C. N200
- D. N380