A person who prepares, analyses and interprets financial statements is known as a/an
- A. cashier
- B. book keeper
- C. accountant
- D. analyst
Ordinary shares are also known as
- A. net worth
- B. equity
- C. loan
- D. reserve
The reward given to debenture holder is
- A. interest
- B. dividend
- C. profit
- D. premium
Which of the following is a subsidiary book as well as a ledger?
- A. purchases day book
- B. returns outward book
- C. general journal
- D. cash book
A method that is beneficial for tax purposes in inflationary times is?
- A. LIFO
- B. SAP
- C. FIFO
- D. WAP
Which of the following is a written acknowledgement of a loan to a company?
- A. debt
- B. retained profit
- C. reserve
- D. debenture
Which of the following bodies regulates accounting practices in Nigeria?
- A. NIT
- B. NIB
- C. EFCC
- D. ANAN
| # | |
|
Stock 1/1/09: Raw materials |
20000 |
|
Work-in-progress |
5000 |
|
Stock 31/12/09: Raw materials |
500 |
| Work in progress | 4000 |
|
Raw materials purchased |
18000 |
|
Direct labour |
7500 |
| Direct expenses | 3000 |
| Factory expenses | 10000 |
The value of raw materials consumed is
- A. #18,500
- B. #19,500
- C. #26,000
- D. #37,500
| # | |
|
Stock 1/1/09: Raw materials |
2000 |
|
Work-in-progress |
5000 |
|
Stock 31/12/09: Raw materials |
500 |
|
Work-in-progress |
4000 |
|
Raw materials purchased |
18000 |
|
Direct labour |
7500 |
|
Direct expenses |
3000 |
|
Factory expenses |
10000 |
The raw materials available for production is ___
- A. 18,500
- B. #20,000
- C. #19,500
- D. #38,000
The ledger containing the accounts of debtors and creditors is
- A. impersonal
- B. personal
- C. nominal
- D. real
The chief accounting officer of the Federation is
- A. Auditor General
- B. Minister of Economic Planning
- C. Chief Accountant
- D. Accountant General
The basic accounting equation is
- A. Assets Liabilities = Owner's Equity
- B. Assets + Expenses = Liabilities + Equity
- C. Assets + Liabilities = Owner's Equity
- D. Revenue - Expenses = Profit
The amount paid by the buyer of a business which is sold as going concern is
- A. purchase consideration
- B. conversion fees
- C. consolidation fees
- D. premium fees
Prime cost consist of direct material and ___ cost
- A. overhead
- B. direct
- C. indirect
- D. factory
The net worth of a business is the
- A. bank loan
- B. capital
- C. asset
- D. debenture
A list of all debit and credit balances from the ledger accounts are made in the
- A. cash book
- B. trial balance
- C. balance sheet
- D. profit and loss account
When shares are over-subscribed, directors may decide to scale down the number of shareholding by alloting shares at ___
- A. discount
- B. par
- C. premium
- D. prorata
Issue of prospectus is an invitation to the Public to
- A. register a company
- B. liquidate a company
- C. redeem all outstanding shares
- D. subscribe for share
The return on debenture holding is
- A. share bonus
- B. interest
- C. net profit
- D. dividend
The document used in making lodgments into a current account is
- A. paying in -slip
- B. cheque book
- C. pass book
- D. credit card
Shares issued free of charge to existing shareholders based on their previous holdings is __ issue
- A. accrued
- B. premium
- C. floating
- D. bonus