Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?
- A. ₦262,000
- B. ₦224,000
- C. ₦221,000
- D. ₦176,000
Rent owing by a business is shown in the
- A. trading account
- B. trial balance
- C. balance sheet
- D. cash book
The cost of raw materials consumed is determined in the Manufacturing Account as
- A. opening stock plus purchases less closing stock
- B. purcheses plus closing stock less opening stock
- C. cost of materials available plus closing stock
- D. cost of materials available less opening stock
Use the following information to answer the given
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)
Cost of sales for the year was
- A. ₦19,800
- B. ₦19,400
- C. ₦18,400
- D. ₦17,400
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1st Jan.} & \text{31st Dec.} \\ & ₦ & ₦ \\ creditors & 4,200 & 5,200 \\ stocks & 3,600 & 3,200 \\ \text{cash paid to creditors during the year was ₦18,000} \end{array}\)
Purchases for the year was
- A. ₦19,400
- B. ₦19,000
- C. ₦18,000
- D. ₦17,000
Which of the following items is found on he credit side of a sales Ledger Control Account?
- A. credit sales
- B. debtors cheques dishonoured
- C. interest on overdue account
- D. bad debts written off
Which of the following is not a credit item in the sales ledger control account?
- A. cash paid
- B. discount allowed
- C. dishonoured cheque
- D. returns inward
Using the following information,
\(\begin{array}{c|c} & ₦ \\ \hline \text{club house} & 375,000\\ \text{Furniture} & 250,000\\ \text{Sport kit} & 400,000 \\ \text{subscriptions prepaid} & 10,000\\ \text{Bar creditors} & 156,000 \\ \text{subscriptions owing} & 45,000\end{array}\)
What is the club’s accumulated fund?
- A. ₦924,000
- B. ₦914,000
- C. ₦904,000
- D. ₦834,000
Which of the following is found in a receipts and payments account?
- A. accruals
- B. prepayments
- C. sepreciation of fixed assets
- D. purchase of fixed assets
In a not-for-profit making organization, the cash book is summarized in the form of
- A. balance sheet
- B. income and expenditure account
- C. receipts and expenditure account
- D. receipts and pryments account
A control account is
- A. an imprest system
- B. a statement of affairs
- C. a bank reconciliation statement
- D. a self balancing ledger system
The account that shows both the cash and bank transactions of an enterprise is
- A. appropriation account
- B. trading account
- C. profit and loss account
- D. cash book
Which of the following is a limitation of the money measurement concept?
- A. efficient management is not disclosed
- B. there is no basis for comparison
- C. inter-period comparison is impossible
- D. it does not allow choice of methods
The accounting concept that supports the application of double entry book-keeping is the
- A. going concern concept
- B. dual aspect concept
- C. historical cost concept
- D. consistency concept
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year – Ojo} – \frac{2}{3} & & Aina – \frac{1}{3} \end{array}\)
Aina’s current account balance is
- A. ₦9,933
- B. ₦9,533
- C. ₦6,600
- D. ₦3,933
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year – Ojo} – \frac{2}{3} & & Aina – \frac{1}{3} \end{array}\)
Ojo’s share of profit for the year is
- A. ₦21,067
- B. ₦20,9333
- C. ₦20,000
- D. ₦19,067
\(\begin{array}{c|c} & & ₦ \\ \hline \text{capital accounts:} & Ojo & 40,000 \\ & Aina & 20,000 \\ \text{Drawings:} & Ojo & 10,000 \\ & Aina & 6,000 \\ \text{Interest on capital} & -5\text{%} & \\ \text{interest on drawings} & -10\text{%} & \\ \text{Net profit for the year} & N30,00 & \\ \text{Net profit for the year – Ojo} – \frac{2}{3} & & Aina – \frac{1}{3} \end{array}\)
The divisible profit for the year
- A. ₦31,600
- B. ₦31,400
- C. ₦904,000
- D. ₦28,600
Which of the following documents set out the internal regulations of a partnership?
- A. law
- B. deed
- C. regulation
- D. code
Which of the following brings a company into legal existence?
- A. certificate of incorporation
- B. memorandum of association
- C. articles of association
- D. company law
Which of the following is the basis for apportioning rent among departments?
- A. sales
- B. floor area
- C. number of employees
- D. direct labour cost
Use the following information to answer the given question.
\(\begin{array}{c|c} \text{Net profit for the year} & N75.000\\ \text{Ordinary share capital of 50 kobo each} & N65,000\\ \text{10% Preference shares of 50 kobo each} & N100,000\end{array}\)
Dividend per ordinary share is
- A. N1.00
- B. N0.50
- C. N0.45
- D. N0.40