Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?
- A. used to pay all taxes due to government
- B. used to start a new partnership business by members who are willing
- C. shared equally by the existing partners
- D. used in paying the debts and liabilities of the firm to persons who are not partners
Given:
Balance at 31st December …………N14,744m
Treasury Bills issued Jan-Dec……..N7124m
Revenue for the year …………….N6387m
Expenditure …………………….N8767m
What is the opening balance on the consolidated revenue fund account?
- A. N10,000m
- B. N12,000m
- C. N90,000m
- D. N11,000m
Given:
Sales ……………………….N195,200
Stock 1st January……………..N34,000
Purchases ……………………N126,000
Sales returns ………………..N1,200
Purchases returns …………….N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
- A. N30,000
- B. N40,000
- C. 50,000
- D. N20,000
Control accounts help to verify the arithmetic accuracy of the postings from the?
- A. subsidiary books into the trial balance
- B. ledger into the trial balance
- C. journals into the ledgers
- D. subsidiary books into the ledgers
keeping records under the single entry system has the advantage of?
- A. quality in terms of records
- B. completeness in terms of records
- C. accuracy in terms of operation
- D. simplicity in terms of operation
Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?
- A. draw up the statement of affairs
- B. draw up a T-account to establish the amount
- C. compare the journal entries with the cash book
- D. cross-check the cash book for further information
In an incomplete record system a trading account cannot be prepared until the?
- A. day book has been balanced
- B. amount of personal drawings has been established
- C. cash book has been balanced
- D. amount os sales and purchases has been established
In a control account, discount received is found on the?
- A. debit side of the purchase ledger control account
- B. debit side of the sales ledger control account
- C. credit side of the purchase ledger control account
- D. credit side of the sales ledger control account
Given:
Capital at start…………………..N3250
Capital at close ………………….N6250
Additional capital during the period…N1000
Calculate the profit or loss?
- A. N8500 profit
- B. N2000 loss
- C. N2000 profit
- D. N8500 loss
Which method of pricing can be used satisfactorily in either a rising or falling price situation?
- A. Standard price
- B. Marketing price
- C. FIFO
- D. Average method
Given:
Cash purchases …………………………N25000
Trading creditors……………………….N45000
Opening balance of trade creditors………..N35000
Calculate the purchases for the period?
- A. N80,000
- B. N35,000
- C. N105,000
- D. N70,000
A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?
- A. 35%
- B. 30%
- C. 20%
- D. 15%
Costs that vary in proportion to the level of production in a manufacturing environment are known as?
- A. control costs
- B. overheads
- C. direct costs
- D. indirect costs
Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?
- A. N1000.00
- B. N333.33
- C. N666.66
- D. N800.00
Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours.
Compute the overhead rate?
- A. N12 per hour
- B. N16 per hour
- C. N10 per hour
- D. N15 per hour
Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. Stock at branch 1st January at cost…………N400 Goods sent to branch at cost……………….N8000 Returns to head ………………………….N340 Cash sales ………………………………N9160 Stock at branch 31st December at cost……….N720
Calculate the cost of goods credited to the head office trading account?
- A. N7660
- B. N7500
- C. N7460
- D. N7200
Use the information below to answer questions
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost…………N400
Goods sent to branch at cost……………….N8000
Returns to head ………………………….N340
Cash sales ………………………………N9160
Stock at branch 31st December at cost……….N720
What is the gross profit carried to the profit and loss account?
- A. N1820
- B. N1640
- C. N1530
- D. N1870
(i)Orientation (ii) Entity (iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?
- A. i, ii, iii and iv
- B. i, ii, and iii
- C. ii, and iii
- D. i and ii
Stock or raw materials(1st January) 3000
Direct wages 2500
Direct expenses 1000
Factory overheads 2000
Cost of raw materials used 5500
Stock of finished goods (31st December) 2000
The cost of goods manufactured is?
- A. N11000
- B. N12000
- C. N14000
- D. N9000
Use the information below to answer question
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?
- A. N7500
- B. N6500
- C. N9000
- D. N8000
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?
- A. market value of goods produced
- B. prime cost of production
- C. indirect cost of production
- D. goods produced