An instrument which allows public officers to increase expenditure within a year is
- A. statutory allocation
- B. supplementary budget
- C. virement
- D. warrant
Given:
Assets and Liabilities of a Local Government
Bank balance #6,484,000
Cash # 900,000
General revenue balances #9,774,500
Accrued salaries #1,220,000
Investment in shares #1,480,000
Vehicles #7,620,000
Calculate the liabilities of the local government
- A. #10,994,500
- B. #17,394,500
- C. #18,774,500
- D. #18,874,500
Accountant-general of the federation is responsible for
- A. the general supervision of all auditing personnel in all the ministeries
- B. the compilation of annual financial statement
- C. the interpretation of rules and regulations affecting the private sectors
- D. ensuring the efficient operation of the ministries
The debenture issued at par above the nominal value is said to be issued at a
- A. cost price
- B. mark-up
- C. premium
- D. margin
The distributable profit available to shareholders at the end of each year is the
- A. total profit and debtors balance
- B. general reserve and retained profit
- C. retained profit and fictitious assets
- D. total profit less creditors balance
The issued share capital is the number of shares that are
- A. authorized by share holders
- B. shared among the directors
- C. fully subscribed
- D. in the share certificate
Given:
Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k
How much is to be paid for application?
- A. #230,000
- B. #280,000
- C. #500,000
- D. #550,000
Which of the following is the capital reserve of a company
- A. Share premium
- B. Retained profit
- C. Accumulated depreciation
- D. Loss on forfeited shares
The objective of departmental account is to
- A. ascertain the cost of running the organization
- B. ascertain the amount of profit or loss for each department
- C. ascertain the amount of profits for losses for the enterprises
- D. offset the loss of each treatment
Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
What is the net profit of Y?
- A. #52,000
- B. #68,300
- C. #68,800
- D. #69,300
Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
The gross profit for K is
- A. #23,500
- B. #60,500
- C. #60,700
- D. #82,500
When there is no basis of apportionment in an organization, the expenses should be apportioned based on
- A. sales
- B. purchases
- C. equality
- D. floor space
When shares are issued at a discount, entries are to debit
- A. application allotment account and credit discount accoun
- B. discount account and credit
- C. cash account and credit discount account
- D. discount account and credit bank account
The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of
- A. net income
- B. revenue reserve
- C. capital reserve
- D. net loss
When a share valued at 50k is issued at #1.59, it is said to be issued at
- A. par
- B. premium
- C. discount
- D. interest
In a partnership account, interest on drawings is
- A. debited to appropriation account
- B. credited to appropiation account
- C. treated as an expense in profit and loss account
- D. recorded in the balance sheet as current assets
A partnership’s internal regulations are set out by
- A. a deed
- B. a law
- C. a constitution
- D. an article
The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a
- A. bonus
- B. commission
- C. premium
- D. goodwill
i. Direct materials
ii.Direct labour
iii.Direct expenses
iv. Factory expenses
Prime cost consist of
- A. i, ii and iii
- B. i, ii and iv
- C. i, iii and iv
- D. ii, iii and iv
Which of the following expenses relates to the profit and loss account of a manufacturing firm
- A. Direct materials
- B. Direct labour
- C. Administrative overhead
- D. Work-in-progress
Which of the following is accounted for in receipts and payment account
- A. Subscriptions recieved in advance
- B. Subscriptions due not yet recieved
- C. Accrued expenses on annual dances
- D. Depreciation of the club house