A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?
- A. N210,000
- B. N844,400
- C. N840,000
- D. N500,000
The fixed amount of money given to a petty cashier at the beginning of a period is called?
- A. Imprest
- B. float
- C. cash advance
- D. cash
The basic role of accounting is to?
- A. detect fraud
- B. attest to financial statements
- C. measure performance
- D. protect shareholders
Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company’s policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?
- A. N6,120,000
- B. N8,280,000
- C. N6,120,300
- D. N8,820,000
| N | |
| sales | 20,000 |
| cost of sales | 10,000 |
| operating expenses | 2,500 |
| expenses prepaid included in operating expenses | 500 |
use the information above to answer the following question.
what is the gross profit margin?
- A. 100%
- B. 50%
- C. 40%
- D. 30%
| N | |
| sales | 20,000 |
| cost of sales | 10,000 |
| operating expenses | 2,500 |
| expenses prepaid included in operating expenses | 500 |
use the information above to answer the following question.
calculate the net profit.
- A. N12,500
- B. N10,000
- C. N8,000
- D. N7,500
The accumulated fund of a non-trading concern can equally be referred to as?
- A. members equity
- B. share capital
- C. general fund
- D. surplus fund
The partnership deed normally specifies?
- A. how profits or losses are to be shared
- B. the capital to be contributed annually
- C. how salaries are paid to employees
- D. the profit that should be earned annually
| Earnings per share 47k |
| Dividends per share 30k |
| Per value of each share N1.20 |
| market price per share NM1.50 |
what will be the price earnings ratio of the company?
- A. N3.91
- B. N3.19
- C. N2.95
- D. N2.55
| Earnings per share 47k |
| Dividends per share 30k |
| Per value of each share N1.20 |
| market price per share NM1.50 |
The company’s earnings yield is?
- A. N20.00%
- B. N25.00%
- C. N31.33%
- D. N39.17%
In order to make the cash book balance equal to the bank statement, it is usually to add?
- A. uncredited cheques
- B. direct payments by bank
- C. bank charged
- D. unpresented cheques
Bala ltd acquired the business of bello ltd and caused the separate existence of the latter company to terminate.
- A. conversion
- B. dissolution
- C. merger
- D. absorption
when a bill is negotiated to a bank , it is said to be?
- A. accepted
- B. discounted
- C. surrendered
- D. cashed
The current growth in the volume of trading and financial dealings in nigerian is helped by?
- A. credit as a factor in business
- B. payments for goods in cash
- C. increased financial activities
- D. government intervention
A cash book had a opening balance of N15,200, closing balance of N18,400 and total cash received during the period of N36,000. What was the amount of cash paid out during the same period?
- A. N29,200
- B. N17,800
- C. N32,800
- D. N19,600
subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.
use the details above to answer the following question.
what is the subscription to be charged to income and expenditure account?
- A. N20,000
- B. N30,000
- C. N34,000
- D. N36,000
subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.
use the details above to answer the following question.
The N6,000 subscription received is?
- A. capital
- B. fixed asset
- C. current liability
- D. current asset
A club received rent N10,000 and donation of N30,000. it paid N6,000 for entertainment and is still owing N16,000 . The balance of the receipts and payments account is?
- A. N14,000
- B. N24,000
- C. N8,000
- D. N42,000
The main difference between the ordinary and preference shareholders is that?
- A. the former have voting rights while the latter do not
- B. in the case of winding up, the former are paid first before the latter
- C. the latter are not members of the company while the former are
- D. the former receives dividends while the latter do not
for an incomplete record to provide necessary information, it must be converted to?
- A. double entry
- B. single entry
- C. complete records
- D. statement of affairs
lubricating oil and spare parts of machines are example of?
- A. indirect expense
- B. direct expense
- C. indirect material
- D. direct material