The double principle of accounting was developed by?
- A. Frank Wood
- B. Luca Pacioli
- C. Akintola Williams
- D. William Pickles
The statement of assets and liabilities in the public sector can be described as the?
- A. income and expenditure accountof government
- B. appropriation account of government
- C. balance sheet of government
- D. funds flow statement of government
The budget statement presented to the legislature by the Chief Executive is called?
- A. an appropriation act
- B. a budget bill
- C. an appropriation bill
- D. a budget proposal
According to the provisions of the 1999 Constitution, all revenues generated by the Federal Government must be paid into the?
- A. Consolidated Revenue Fund
- B. Federation Account
- C. Revenue Mobilization Allocation and Fiscal Commission's Account
- D. Equalization Fund
Share premium is an example of?
- A. revenue reserve
- B. capital reserve
- C. general reserve
- D. loan capital
The expenses incurred in promoting a company are?
- A. promoters' expenses
- B. floating expenses
- C. preliminary expenses
- D. the borad's expenses
Debentures can be redeemed out of?
- A. existing share capital reserve
- B. existing general reserve
- C. proceeds from new issue of shares
- D. withholding tax
The accounting entry to record the premium on goodwill is to debit?
- A. cash and credit old partners' capital
- B. goddwill and credit revaluation
- C. assets and credit capital
- D. capital and credit assets
When a new partner is admitted to a partnership, there is a need to revalue the?
- A. capital of the business
- B. capital and liabilities of the business
- C. assets and capital of the business
- D. assets and liabilities of the business
What is Kunle’s share of the profit?
- A. N600
- B. N300
- C. N180
- D. N120
Use the information below to answer questions 39 and 40.
Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.
Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.
The balance of profit and loss account will be?
- A. N4,000
- B. N2,800
- C. N1,500
- D. 300
On dissolution, the final distribution of cash to partners is based on?
- A. patnership agreement
- B. Articles os asssociation
- C. goodwill
- D. capital balances
Transfers from the head office to branches are best carried out at?
- A. cost price
- B. selling price
- C. cost plus mark-up
- D. market price
Discounts granted branch customers are treated as a debit to branch?
- A. stock account and a credit to branch debtors'account
- B. discount account and a credit to branch bank account
- C. stock account and a credit to branch bank account
- D. discount account and a credit to branch debtors' account
How are credit sales by a department treated?
- A. the same way as normal debtors' transactions
- B. in a different way from normal debtors' transactions
- C. as an addition to the production manager's account
- D. as an addition to the production managers' account
A rapidly growing business organization with multiple units that is interested in comparing the performances and weaknesses of each unit should adopt?
- A. manufacturing accounts
- B. consolidated accounts
- C. departmental accounts
- D. joint venture accounts
In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?
- A. current assets
- B. current liability
- C. capital
- D. reserve
Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?
- A. deflicit
- B. surplus
- C. gain
- D. loss
In the balance sheet, the subscription in arrears will be?
- A. N200
- B. N300
- C. N1,200
- D. N1,300
Use the information below to answer questions 28 and 29.
On January 1,2000, a club’s assets and liabilities were as follows:
Club house……………….N8,000
Subscription……………..N300
Cash…………………….N1,000
Wages owed……………….N100
The club has 50 members and annual subscription is N100 per member.
Subscription received is N4,000 and this includes 1999 arrears of N200.
The accumulated fund is?
- A. N9,400
- B. N9,300
- C. N9,200
- D. N9,100
The market value of goods produced is?
- A. N30,500
- B. N30,600
- C. N31,600
- D. N31,620