Use the question to answer this question:
| Opening stock | ₦ |
| Department A B |
100 800 |
| Purchases: A B Wages of workers Salaries |
1500 2000 50 100 |
| Sales A B |
3000 5000 |
Expenses are to be shared in the ratio of sales.
The cost of goods for department B is
- A. 4,120
- B. 3400
- C. 3000
- D. 2800
Abelawo ltd operates a retail branch at Aba. All purchases are made by the head office in Onitsha and goods are charged to the branch at cost plus 50%. During the year ended. Goods sent to branch at invoiced price is ₦30,870, cash sales ₦13,020 and Bad debt amounted to 129. From the following, what is the profit?
- A. 20,580
- B. 10,290
- C. 7980
- D. 30,870
Goods can be charged to branches using any of these pricing methods except
- A. cost price
- B. cost plus percentage
- C. selling price
- D. selling plus percentage
Use the question to answer this question
The following information were extracted from the books of Miliki state
|
Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds |
₦ 2,900,000 920,000 300,000 45,000 76,000 425,000 |
Capital expenditure is
- A. ₦345,000
- B. ₦3,245,000
- C. ₦421,000
- D. ₦4,245,000
Use the question to answer this question
The following information were extracted from the books of Miliki state
|
Sinking of bore holes Purchase of Motor car Stationery Electricity Purchase of drugs Purchase of beds |
₦ 2,900,000 920,000 300,000 45,000 76,000 425,000 |
Recurrent expenditure is
- A. ₦345,000
- B. ₦3,245,000
- C. ₦421,000
- D. ₦4,245,000
The cost of a machine is ₦10,000. The residual value is ₦4,000. It is expected to last for 4 years. Using the straight line method, what is the amount of depreciation charged per annum?
- A. 6000
- B. 1000
- C. 1500
- D. 2500
A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as
- A. Estimate
- B. Depreciation
- C. Asset
- D. Useful Life
Use the following Information to answer this question.
|
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials |
₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
- A. 220,480
- B. 213,480
- C. 200,480
- D. 190,000
Use the following Information to answer this question.
|
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials |
₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
Cost of raw materials consumed is
- A. ₦53,000
- B. ₦150,000
- C. ₦152,120
- D. ₦148,120
Which of these will not appear in the preparation of control account.
I. Bad debts
II. Discounts
III. Returns
IV. Provision for bad debts
- A. I only
- B. II and III
- C. I and III only
- D. IV only
Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:
|
Rates owing Insurance prepaid Subscription in arrears |
1/199 3,600 50 700 |
31/12/99 2000 1000 600 |
What is the opening cash balance
- A. ₦20,600
- B. ₦8,050
- C. ₦3,650
- D. ₦8,500
Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:
|
Rates owing Insurance prepaid Subscription in arrears |
1/199 3,600 50 700 |
31/12/99 2000 1000 600 |
The figure ₦1000 represent what in the balance sheet.
- A. Assets
- B. Liability
- C. capital
- D. Subscription
Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:
|
Rates owing Insurance prepaid Subscription in arrears |
1/199 3,600 50 700 |
31/12/99 2000 1000 600 |
Calculate the subscriptions in the Income and expenditure account
- A. 8400
- B. 7400
- C. 6400
- D. 7200
The rate of interest on capital for Ade is
- A. 250
- B. 200
- C. 300
- D. 400
Use the information below to answer this question.
Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively.
Extract from their books for the year ended are
Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950
Sam’s share of profit is
- A. 7000
- B. 4921
- C. 3000
- D. 991.8
Retained profits is an example of
- A. Revenue reserve
- B. Capital reserves
- C. General reserves
- D. Loan capital
Given:
Ordinary share dividend ₦100,000, General reserve ₦4,100, Net profit b/d ₦27,370, corporation tax ₦2,500, Profit and loss ₦28,200, Interim ordinary dividend ₦4,050, Goodwill 20,50 provide for preference Dividend ₦2100 and Final ordinary Dividend of 5% and also write off Goodwill at ₦1500.
The retained profit in the Appropriation account is
- A. ₦55,570
- B. ₦36,320
- C. ₦50,000
- D. ₦30,000
Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.
The Unissued capital of the company is
- A. ₦310,000
- B. ₦200,000
- C. ₦210,000
- D. ₦100,000
Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.
The company’s paid-up capital is
- A. #70,000
- B. ₦80,000
- C. ₦220,000
- D. ₦120,000
Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales
- A. #55,000
- B. #82,500
- C. #27,500
- D. #50,000
Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19×8
| ₦ | ₦ | |
| Sales less: cost of goods sold |
233,000 170,000 |
|
| 63,000 | ||
| less: Overhead Expenses Admin expenses Selling expenses Other overhead expenses |
16,800 15,000 6,200 |
|
| Net profit | 25,000 |
Calculate the net profit on percentage of expenses.
- A. 60%
- B. 25%
- C. 13%
- D. 65.7%