What is the balance carried down?
- A. N11,680
- B. N11,930
- C. N12,330
- D. N13,430
What is the total income for the period?
- A. N13,890
- B. N13,500
- C. N10,500
- D. N9,500
Determine the closing stock.
- A. N30,000
- B. N40,000
- C. N50,000
- D. N60,000
The formula for calculating depreciation using straight line method is
- A. \( \frac{\text{Scrape Value} + \text{Sales}}{Useful life} \)
- B. \( \frac{\text{Cost } - \text{Scrape Value}}{Useful life} \)
- C. \( \frac{\text{Sales } - \text{Scrape Value}}{Useful life} \)
- D. \( \frac{\text{Purchases } + \text{Sales }}{Useful life} \)
In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is
- A. virement
- B. fund accounting
- C. consolidated fund
- D. financial regulation
The account of government into which all monies are received and from which all expenditures are disbursed is the
- A. Federation account
- B. Petroleum Technology Development Fund
- C. Central Bank Account
- D. Development fund
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
The book value of issued share capital is
- A. #675,000
- B. #975,000
- C. #1,350,000
- D. #1,950,000
Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.
Determine the amount received on application and allotment
- A. #224,950
- B. #225,000
- C. #324,950
- D. #325,000
#800,000 worth of ordinary shares of 50k were issued at #1 each, payable in full on application. The entry in the cash book would be to
- A. credit #1,600,000
- B. debit #1,600,000
- C. credit #1,600,000
- D. debit #800,000
The details of the share capital which a company is authorized to issue is contained in the
- A. Articles of Association
- B. Companies and Allied Matters Act
- C. Memorandum of Association
- D. Share capitak certificate
Payment for shares in excess of amount offered gives rise to
- A. subscription in advance
- B. revenue reserves
- C. capital reserves
- D. calls-in-advance
The expenses incurred in purchasing a vehicle is a
- A. revenue expenditure
- B. capital expenditure
- C. recurrent expenditure
- D. concurrent expenditure
Where partnership is converted into a limited liability company, current account balances of partners are transferred to a
- A. realization account
- B. savings account
- C. share capital account
- D. capital account
The profit of a branch is usually credited to the
- A. adjustment account
- B. head office sales
- C. head office goods account
- D. head office current account
In the absence of a partnership deed, the act stipulates that
- A. an amount should be fixed as salary for partners
- B. interest on partners loan should be 25%
- C. interest should not be allowed on partners drawings
- D. profits and losses should not be shared equally
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
Determine the profit on the goods sent to the branch at profit margin of 25% mark-up
- A. #150,000
- B. #160,000
- C. #170,000
- D. #180,000
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
What is the cost price of the goods sent to the branch
- A. #600,000
- B. #620,000
- C. #640,000
- D. #700,000
If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of #100,000?
- A. #130,000
- B. #125,000
- C. #80,000
- D. #75,000
In a departmental account, the expenses to be apportioned on the basis of turnover is
- A. carriage inwards
- B. returns outwards
- C. discount recieved
- D. carriage outwards
In a departmental account, where no basis of apportionment exist, apportionment is
- A. on profit basis
- B. according to employee decision
- C. according to material available
- D. on equal basis
Given:
Sales #180,000
Stock 1/1 # 25,000
Purchases #110,000
Sales returns # 1000
Purchases returns # 1,500
Gross profit # 58,000
Determine the value of stock as at 31st December
- A. #8000
- B. #9,500
- C. #12,500
- D. #15,500