Which of the following is a source of revenue to a local government authority?
- A. poll tax
- B. excise duty
- C. paye tax
- D. value added tax
Which of the following attracts a fixed rate of dividend?
- A. ordinary shares
- B. founder's shares
- C. preference shares
- D. defferred shares
An example of capital gain s
- A. premium
- B. bonus
- C. shares
- D. debenture
Which of the following is not a real account?
- A. building account
- B. motor vehicle account
- C. patents account
- D. furniture account
Holder of ordinary shares do not have the right to
- A. participate in additional issue of shares
- B. vote at annual general meetings
- C. elect the board of directors
- D. receive dividends at a predetermined rate
The double entry in the books to write off goodwill is
- A. debit Goodwill account, credit capital account
- B. debit Goodwill account, credit revaluation account
- C. debit profit and loss appropriation account, credit Goodwill account
- D. debit Trading account, credit Goodwill account
The maximum amount which a company is allowed to raise through the sale of shares is
- A. authorized capital
- B. paid-up capital
- C. issued capital
- D. working capital
Use the following information to answer the given question
\(\begin{array}{c|c}year & profit \\ \hline 2003 & Le 40,000\\ 2004 & Le 48,000\\ 2005 & Le 62,000\end{array}\)
The value of goodwill calculated at 3 years purchase of annual profit is
- A. Le 450,000
- B. Le 150,000
- C. Le 50,000
- D. Le 48,000
The correct sequence in data processing is
- A. input \(\to\) process \(\to\) output
- B. input \(\to\) output \(\to\) process
- C. process \(\to\) input \(\to\) output
- D. process \(\to\) output \(\to\) input
Which of the following is not a data processing method?
- A. manual
- B. mechanical
- C. electronic
- D. formatting
In the absence of partnership agreement, a loan by a partner attracts interest at
- A. 20%
- B. 15%
- C. 10%
- D. 5%
Which of the following is not used for determining working capital?
- A. cash
- B. debtors
- C. motor vehicles
- D. overdraft
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Quick ratio is
- A. 4 : 1
- B. 3 : 1
- C. 2 : 1
- D. 1 : 1
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Current ratio is
- A. 4 : 1
- B. 3 : 1
- C. 2 : 1
- D. 1 : 1
Use the following to answer the given question,
\(\begin{array}{c|c} & ₦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\)
Total assets is
- A. ₦240,000
- B. ₦220,000
- C. ₦200,000
- D. ₦180,000
Which of the following bases of accounting does not make allowance for depreciation?
- A. cash basis
- B. accrual basis
- C. matching basis
- D. commitment basis
Which of the following formulae is used to calculate stock turnover rate?
- A. \(\frac{sales}{\text{average stock}}\)
- B. \(\frac{\text{cost of sales}}{\text{average stock}}\)
- C. \(\frac{\text{cost of sales}}{\text{opening stock}}\)
- D. \(\frac{\text{cost of production}}{\text{average stock}}\)
In the absence of partnership agreement, profits and losses are shared
- A. in the ratio of capitals
- B. equally
- C. in the ratio of drawings
- D. according to services rendered
Which of the following is not an accounting convention?
- A. maternity
- B. consistency
- C. business entity
- D. periodicity
The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognized by
- A. realization concept
- B. entity concept
- C. going cornvern concept
- D. dual aspect concept
Youngsters Club has a membership of 115 persons. Each member pays an annual subscription of ₦50. During the year ended 31st December 2005, 8 members had not paid their subscriptions. using the information, the subscriptions shown in the Balance sheet as at 31st December 2005 is
- A. ₦400(asset)
- B. ₦150(asset)
- C. ₦150(liability)
- D. 400(liability)