Use the information below to answer this question
A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.
The second final call account was debited with
- A. ordinary share capital account ₦187,500
- B. 12% preference share capital account ₦187,500
- C. 12% preference share capital ₦375,000
- D. bank account ₦187,500
Use the information below to answer this question
A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.
The share premium account would be
- A. credited with application and allotment ₦187,500
- B. debited with application and allotment ₦375,000
- C. debited with application and allotment ₦187,500
- D. credited with application and allotment ₦375,000
Use the information below to answer this question:
i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank
What are the current assets?
- A. i and v
- B. i and ii
- C. ii and iv
- D. iii and v
Use the information below to answer this question:
i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank
Determine the fixed assets
- A. iii and iv
- B. i and v
- C. ii and iv
- D. ii and vi
Given:
₦
Bank overdraft 2,000
Cash 2,000
Furniture 4,000
Derive the total amount on the credit side of the trial balance
- A. ₦4000
- B. ₦6000
- C. ₦2000
- D. ₦8000
Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called
- A. entity
- B. accrual
- C. realization
- D. materiality
The accounting method that reports incomes when earned and expenses when incurred is called
- A. accrual accounting
- B. cash accounting
- C. fund accounting
- D. commitment accounting
Use the information below to answer the question
|
Gross profit b/d |
Dept A |
Dept B ₦ 4,000 1,200 ? ? 1,600 4,000 |
Total |
It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
The depreciation to be charged to department B is
- A. ₦500
- B. ₦300
- C. ₦400
- D. ₦600
Use the information below to answer the question
|
Gross profit b/d |
Dept A |
Dept B ₦ 4,000 1,200 ? ? 1,600 4,000 |
Total |
It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
What is the net profit made by department A?
- A. ₦2000
- B. ₦3600
- C. ₦3000
- D. ₦2400
Given:
₦
Total debtors b/d 31/12/99 25,000
Cheques received from debtors 255,000
Total debtors c/d 31/12/00 15,000
Calculate the sales figure
- A. ₦245,000
- B. ₦215,000
- C. ₦295,000
- D. ₦265,000
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover
- A. carriage inwards
- B. carriage outwards
- C. discount received
- D. returns outwards
The excess of income over expenditure is usually transferred to the
- A. current assets in the balance sheet
- B. profit and loss account
- C. accumulated fund
- D. current liabilities in the balance sheet
Given:
|
Depreciation of plant and machinery Factory rent Indirect wages General indirect expenses Lubricants Carriage inwards Factory power Bank charges Carriage outwards |
₦ 1,600 650 695 726 1,235 829 350 612 2,900 |
Determine the total factory overhead cost
- A. ₦4,485
- B. ₦6,085
- C. ₦6,556
- D. ₦5,256
Capital and revenue expenditures of government are usually accounted for under funds which include
- A. technical, special trust and commercial funds
- B. personal advances, technical and public funds
- C. personal advances, treasury clearance and special trust funds
- D. commercial loans and treasury clearance funds
The ordinary shareholders enjoy the following right except the right to
- A. receive dividends at a predetermined rate
- B. vote at annual general meetings
- C. elect the board of directors
- D. participate in additional issues of shares
Which of the following stock valuation method is suitable under inflationary conditions?
- A. LIFO
- B. simple average
- C. FIFO
- D. weighted average
Sales ledger control account contains the total amount in respect of
- A. investors
- B. creditors
- C. shareholders
- D. debtors