The excess of assets over liabilities in a not for profit organization is————–
- A. surplus
- B. deficit
- C. working capital
- D. accumulated fund
Use the following information to answer the question below
01/01/2016 31/12/2016
Trade debtors——-80,000 100,000
Trade creditors—–30,000 40,000
Stock—————–70,000 90,000
Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000
Credit purchase for 2016 is?
- A. 290,000
- B. 230,000
- C. 220,000
- D. 210,000
Use the following information to answer the question below
01/01/2016 31/12/2016
Trade debtors——-80,000 100,000
Trade creditors—–30,000 40,000
Stock—————–70,000 90,000
Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000
Credit sales for 2016 is?
- A. 530,000
- B. 370,000
- C. 350,000
- D. 330,000
The balance on the sales ledger control account at the end of the accounting year represents a total………
- A. trade debtors at the end of the year
- B. cash sales for the year
- C. credit sales for the year
- D. amount transferred from the sales journal
Use the following information to answer the question that follows
N
Direct material used—————–64,000
Direct labour————————–30,000
Production overheads————–22,000
Work-in-progress at beginning—–9,000
Work-in-progress at close———14,000
The total cost of production is
- A. 94,000
- B. 106,000
- C. 111,000
- D. 116,000
Use the following information to answer the question that follows
N
Direct material used—————–64,000
Direct labour————————–30,000
Production overheads————–22,000
Work-in-progress at beginning—–9,000
Work-in-progress at close———14,000
Prime cost of production is?
- A. N64,000
- B. N94,000
- C. N111,000
- D. N116,000
One of the components of factory overhead is…………
- A. raw materials consumed
- B. manufacturing wages
- C. carriage inwards
- D. depreciation of plant and machinery
In a manufacturing account, royalties paid
- A. debited to the trading account
- B. credited to the profit and loss account
- C. credited to the manufacturing account
- D. debited to the manufacturing account
A credit entry is made in the plant and machinery account for the ………………….
- A. purchase of an additional plant and machinery
- B. sale of plant and machinery
- C. maintenance of plant and machinery
- D. appreciation of plant and machinery
A fall in the value of a fixed asset due to technological changes is described as?
- A. superfluity
- B. wear and tear
- C. obsolescence
- D. depletion
The amount set aside out of profits to strengthen the financial position of the business is
- A. position
- B. reserve
- C. depreciation
- D. surplus
Use the information below to answer the question that follows
Sales————— 120,000
Purchase———–100,000
Opening stock—–10,000
Closing stock——20,000
The gross profit or loss is?
- A. Le 30,000 profit
- B. Le 20,000 profit
- C. Le 10,000 loss
- D. Le 30,000 loss
Use the information below to answer the question that follows
Sales————— 120,000
Purchase———–100,000
Opening stock—–10,000
Closing stock——20,000
The cost of goods sold is———–
- A. Le 120,000
- B. Le 110,000
- C. Le 90,000
- D. Le 30,000
The wages of an office cleaner is classified as
- A. direct labour cost
- B. direct expenses
- C. factory overhead
- D. administrative overhead
Cost of goods sold is calculated as……………….
- A. opening stock+ purchase - closing
- B. opening stock + sales - closing stock
- C. opening stock + purchase + closing stock
- D. opening stock + sales + closing stock
The concept which states that revenue is recognized when goods are sold is
- A. realization concept
- B. going concern concept
- C. matching concept
- D. periodically concept
The consistency concept aims at?
- A. ensuring that all expenses are matched against revenue
- B. reducing cost
- C. comparability of accounting records
- D. suppressing profits to be declared
The concept that implies that a business will operate for an indefinitely long period of time is……………
- A. going concern concept
- B. accrual concept
- C. business entity concept
- D. periodicity concept
Which of the following activities will increase profits?
- A. depreciation charges
- B. reduction in provision for doubtful debts
- C. undervalued closing stock
- D. returns inwards
Sales and purchases ledger are used in a business to keep records of?
- A. the owner's capital and cash transactions
- B. accounts of individual customers and suppliers
- C. current assets and fixed assets
- D. current liabilities and long term liabilities
A debit balance of N420 on the purchase ledger control account means that as at that date…………
- A. trade creditors have been paid by N420
- B. trade creditors are owed N420
- C. goods returned to trade creditors amounted to N420
- D. total supplies from trade creditors amounted to N420