The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?
- A. purchases
- B. opening stock
- C. closing stock
- D. average stock
Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:
Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000
The subscription transferable to the income and expenditure account is?
- A. N48,000
- B. N59,000
- C. N60,000
- D. N69,000
Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?
- A. N4,485
- B. N5,256
- C. N6,085
- D. N6,556
Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?
- A. N22,470
- B. N17,470
- C. N8,440
- D. N5,000
A business is required at par when the?
- A. purchase consideration equals goodwill
- B. purchase consideration equals net value
- C. purchase consideration is greater than the net value
- D. net assets is greater than the liabilitties
Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?
- A. N340,000 credit
- B. N349,75 debit
- C. N500.00 credit
- D. N 511.25 debit
Use the information below to answer question
Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1.
The interest on joy’s drawing is?
- A. N6.00
- B. N7.25
- C. N9.00
- D. N9.75
An item of appropriation in partnership profit and loss account is?
- A. interest on partners' capital
- B. interest on partners' loan
- C. employees' salaries
- D. partners' drawings
When a purchase business is revalued, the effect is that?
- A. a decrease in the value of asset has no effect on value of goodwill
- B. an increase in the value of asset is treated as an increase in the value of goodwill
- C. a decrease in the value of asset is treated as an decrease in the value of goodwil
- D. an increase in the value of asset is treated as an decrease in the value of goodwill
The accumulation fund of a non-trading concern can equally be referred to as?
- A. members' equity
- B. share capital
- C. general fund
- D. surplus fund
The Partnership Deed normally specifies?
- A. how profit or losses are to be shared
- B. the capital to be contributed annually
- C. how salaries are paid to employees
- D. the profit that should be earned annually
Use the information below to answer question Maimalari Ltd had (i) Earning per share 47k (ii) Dividend per share 30k (iii) Par value of each share N1.20 (iv) Market price per share N1.50
What will be the price earnings ratio of the company?
- A. 3.91
- B. 3.19
- C. 2.95
- D. 2.55
Use the information below to answer question
Maimalari Ltd had (i) Earning per share 47k
(ii) Dividend per share 30k
(iii) Par value of each share N1.20
(iv) Market price per share N1.50
The company’s earning yield is?
- A. 20.00%
- B. 25.00%
- C. 31.33%
- D. 39.17%
Given:
Opening cash balance N20,000
Sales of match tickets N15,000
Clearing of pitch N1,200
Refreshments N3,500
Referees’ allowance N1,000
Cost of petrol N1,120
Donation from local government N3,800
The club’s balance is?
- A. N39,180
- B. N34,830
- C. N34,380
- D. N31,980
An outright sale of a partnership amounts to the?
- A. compensation of vendors by the purchase
- B. admission of a new partner
- C. purchase of rights of a dead partner
- D. change of sharing ratio of vendors
Which of the following items does not feature in the balance sheet of a club?
- A. Arrears of current year's subscription
- B. Salary arrears paid in the current year
- C. Rental income received in advance
- D. Advances subscription in respect of a coming year
Use the information below to answer questions Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
What will be the number of shares to be issued to a subscriber who applied for N30,000 shares?
- A. N20,000
- B. N18,000
- C. N15,000
- D. N12,000
Use the information below to answer questions
Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share.
Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made?
The refund due to an application for N25,000 shares is?
- A. N45,000
- B. N30,000
- C. 7,500
- D. N5,000
Didi Ltd offered 10,000 ordinary shares of N1.50 each at a discount of 2% which were fully subscribed. With regard to the offer above?
- A. shares are never offered at a discount; the offer is invalid
- B. the value of shares in the capital account will be lowered by 2%
- C. the company incurs a loss to the tune of 2% of the offer
- D. each of the subscribers loses 2% of investment
When a customer’s cheque is returned unpaid in a debtor’s control accounting system, the treatment will be?
- A. debit bank, credit custmer and credit conyrol account
- B. credit bank, debit customer, and credit control account
- C. debit customer, debit control accountand credit bank
- D. credit control account, debit bank and debit customer
One of the advantage of the shortcomings of single entry procedures is that?
- A. a trial balance is not available
- B. profits are overestimated
- C. there are no subsidiary books
- D. there are no control accounts