The financial plan of the government for a year is contained in the
- A. analysis book
- B. gazette
- C. budget
- D. vote
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of fixed assets is
- A. N57,300
- B. N47,500
- C. N40,000
- D. N37,500
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The opening capital is
- A. N32,000
- B. N26,000
- C. N25,600
- D. N14,000
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current assets is
- A. N28,500
- B. N20,150
- C. N19,750
- D. N17,000
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \text{Cash in hand} & 1,000\\ \text{Profit and loss b/f} & 14,000\\ \text{Rent owing} & 400\\ Creditors & 11,000\\ \text{Furniture and fittings} & 7,500\\ \text{Motor vehicle} & 12,000 \\
Debtors & 13,750\\ \text{Bank overdraft} & 8,750
\end{array}\)
The value of current liabilities is
- A. N32,750
- B. N20,150
- C. N19,750
- D. N11,000
Into how many types can general purpose computers be classified?
- A. three
- B. four
- C. five
- D. six
The amount for which a business is sold is
- A. purchase consideation
- B. premium
- C. capital reserve
- D. goodwill
When shares are oversubscribed, the promoters may decide to scale down. When this is done, the shares are issued proportionately
- A. on pro-rate
- B. at discount
- C. at par
- D. at premium
The document authorising an officer to incur expenditure is known as
- A. virement
- B. budget
- C. warrant
- D. vote
The total of the purchases day book is posted to the purchases account in the
- A. purchases ledger
- B. general ledger
- C. private ledger
- D. nominal ledger
The capital sum which represents the difference between he asset and liabilities of a society or club is
- A. working capital
- B. accumulated fund
- C. consilidated fund
- D. reserved capital
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is
- A. N24,000
- B. N21,000
- C. N18,000
- D. N9,000
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is
- A. N48,000
- B. N39,000
- C. N36,000
- D. N21,000
An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was
- A. N39,000
- B. N16,000
- C. N14,000
- D. N12,000
Which of the following is not an accounting concept?
- A. entity
- B. going-concern
- C. consistency
- D. historical cost
The double entry for refund of unsuccessful application monies is debit
- A. application for shares account, credit bank account
- B. bank account, credit application for shares accoun
- C. allotment account, credit bank account
- D. cash account, credit bank aaccount
The term bad debt is used to describe
- A. a debt that cannot be recovered
- B. a debt that is long over due
- C. an overcharge on a debtor's account
- D. a debt owned by a former employee
A provision is
- A. an amount set out of profit for other uses
- B. an amount of loss from trading activities
- C. an expense of buisiness to be paid for in cash
- D. a loss in value of all business assets
Carriage inward expenses of a business is treated in
- A. trading account
- B. balance sheet
- C. appropriation account
- D. profit and loss account
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The amount of factory overhead is
- A. N42,300
- B. N31,800
- C. N28,800
- D. N21,000
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
The prime cost is
- A. N68,700
- B. N65,700
- C. N62,700
- D. N58,800