Accounting information seeks to provide
- A. permanent records for all transactions
- B. analysis of accounts to trade debtors
- C. audited reports on the accounts of a company
- D. data about the employees of a company
The power to appoint the Auditor General of the Federation is vested in the
- A. National Assembly
- B. President
- C. Judicial Service Commission
- D. Civil Service Commission
The Petroleum Technology Development Fund is under the
- A. general fund
- B. contingency fund
- C. trust fund
- D. capital fund
The book into which all types of a ministry’s expenditure are recorded is the
- A. ledger book
- B. payment book
- C. vote book
- D. expenditure book
Which of the following is a source of revenue to the federation account?
- A. Market fees
- B. Bicycle licences
- C. Tarrifs
- D. Property rates
Purchasers – #44,880
Sales – #85,850
Trade creditors – #12,250
Trade debtors – #24,000
Accrued expenses – # 350
Prepaid expenses – # 700
Stock 1/1/2006 – #25,120
Stock 31/12/2006 – #27,840
Determine the number of times stock was turned over during the period to the nearest figure
- A. 1
- B. 2
- C. 3
- D. 4
Purchasers – #44,880
Sales – #85,850
Trade creditors – #12,250
Trade debtors – #24,000
Accrued expenses – # 350
Prepaid expenses – # 700
Stock 1/1/2006 – #25,120
Stock 31/12/2006 – #27,840
Calculate the acid test ratio
- A. 1:94:1
- B. 1:96:1
- C. 1:1:94
- D. 1:1:96
Investment at cost of a company is to be disclosed under
- A. trading accounts
- B. profit and loss account
- C. balance sheet
- D. source and application of fund
When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit
- A. application and allotment account and credit unsubscribed shares
- B. application and allotment account and credit cash
- C. oversubscribed shares and credit allotment account
- D. oversubscribed shares and credit allotment account
Given:
1. The Memorandum of Association of the Company
11.The Article of Association of the Company
111. The Incorporation documents
From the above, which of the following is delivered to the Registrar of companies for incorporation
- A. 1 and 11
- B. 1, 11 and 111
- C. 1 and 111
- D. 11 and 111
In converting a partnership into a limited liability company, the necessary accounts to be opened in the books of the company are
- A. business purchase account and ordinary share capital account
- B. Business purchase account, vendor account and ordinary share capital account
- C. business purchase account and vendor account
- D. ordinary share capital account, vendor account and unpaid share capital account
Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are
- A. debit goodwill #15,000, cash #20,000 and credit Mary's capital #35,000
- B. credit goodwill #15,000, cash #20,000 and debit Mary's #35,000
- C. debit goodwill #15,000, credit cash #20,000 and credit Mary's capital #20,000
- D. debit old partners capital #15,000, credit cash #20,000 and Mary's capital #35,000
In what way can goodwill be written off in a partnership business?
- A. Using the partners' profit and loss sharing ratio
- B. By neglecting the ratio of partners capital contributions
- C. By sharing it unequally among the partners where no agreement exists
- D. By sharing it among the active partners only
The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
What is Jakata’s sharing profit?
- A. 3:5
- B. 1:2
- C. 2:5
- D. 1:5
The partners capital are: Modibbo #60,000
and Jakata #90,000. The partners share
profit and losses in the ratio of their capital
contributions.
The net profit for the year is #12,000.
Find Modibbo’s share of the profit
- A. #62,000
- B. #48,000
- C. #44,000
- D. #43,000
Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?
- A. cost price
- B. fixed percentage on cost
- C. selling price
- D. invoice price
In the head office ledger, the value of goods sent to the branch are
- A. debited to the head office current account
- B. debited to the branch current account
- C. credited to the head office current account
- D. credited to the branch current account
Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000
Determine the capital
- A. #10,000
- B. #42,000
- C. #45,000
- D. #52,000
The excess revenue over expenditure is charged to
- A. profit and loss
- B. revenue account
- C. accumulated fund
- D. income and expenditure acccount
The main advantage of a departmental account is that its
- A. expenses are shared
- B. gross profit is computed
- C. net profit is computed
- D. balance sheet is obtained
Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
Determine the value of prime cost
- A. #416,000
- B. #304,000
- C. #240,000
- D. #184,000