Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
What is the total manufacturing profit?
- A. #64,000
- B. #120,000
- C. #360,000
- D. #480,000
In manufacturing accounts, finance expenses are charged to the
- A. departmental account
- B. trading acount
- C. profit and loss account
- D. balance sheet
Which of the following is a debit item in the sales ledger control account
- A. Cheque reciepts
- B. Dishonoured cheques
- C. Discount allowed
- D. Bills recievable
Purchasers ledger control account can also be referred to as
- A. sales day book
- B. purchasers day book
- C. creditors legder
- D. debtors ledger
In sales ledger control account, returns inwards is usually
- A. debited and debtors credited
- B. credited and sales returns debited
- C. debited and cash credited
- D. credited and bank credited
The LIFO method has an advantage over FIFO in that stocks are valued at
- A. previous prices
- B. current prices
- C. average rates
- D. flat rates
1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using simple average method, calculate the value of stock after 22/5/07
- A. #1,198.00
- B. #1,218.38
- C. #1,257.67
- D. #1,408.00
1/5/07 Purchased 100 bags of milk at #10.00k each
3/5/07 Purchased 60 bags of milk at #11.50k each
15/5/07 Issued 85 bags of milk
15/5/07 Purchased 180 bags of milk at #12.80K each
22/5/07 Issued 145 bags of milk.
Using FIFO method, what would be the value of stock as at 9/5/07?
- A. #862.50
- B. #840.00
- C. #806.25
- D. #750.00
Which of the following is an item of special assets?
- A. Fixed assets
- B. Current assets
- C. Trademark
- D. Gratuity
At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.
The revenue to be added as an adjustment is
- A. #34,000
- B. #30,000
- C. #15,000
- D. #4,000
At the end of a financial period, the trading
profit and loss account of a sole trader
shows a profit of #180,000. it is however
discovered that revenue of #15,000 is
recorded as expenses while expenses of
#4,000 is recorded as revenue.
Determine the adjusted net profit
- A. #210,000
- B. #202,000
- C. #195,000
- D. #184,000
Given:
Cash book balance- #5000
Dishonored cheque- #1000
Direct credit – # 800
Direct debit – # 500
The adjusted cash book balance is
- A. #6,300
- B. #4,300
- C. #3,700
- D. #2,700
In a modern day banking system, cash transfer cannot be made where the transferor
- A. has no sufficient cash with the bank
- B. has no account with the bank
- C. does not reside in the bank's country
- D. does not possess the domestic currency
Cash can be drawn from the bank using
- A. a bank teller
- B. a credit card
- C. a recharge card
- D. ATM card
In a three-column cash book, dishonored cheques will be shown on the
- A. bank column (debit)
- B. bank column(credit)
- C. cash column(debit)
- D. cash column(credit)
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide’s book would be to debit
- A. purchases #12,000 and credit Ibrahim #12,000
- B. purchases #12,000 and credit sugar account #12,000
- C. Jide #12,000 and credit purchases
- D. Ibrahim #12,000 and sugar account #12,000
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit
- A. sugar account #12,000 and credit Jide #12,000
- B. Jide #12,000 and credit sales account #12,000
- C. Ibrahim #12,000 and credit Jide #12,000
- D. sugar account #12,000 and credit Ibrahim #12,000
Akirika bought a motor van for his business by cash. The entries are to debit
- A. motor van and credit Akirika
- B. sales and credit Akrika
- C. motor van and credit cash
- D. cash and credit motor van
The capital of a sole trader can be increased by
- A. debiting the capital account
- B. crediting the capital account
- C. debiting the cash account
- D. crediting the cash account
The correct posting in a double entry system of account when there is an increase in double assets, expenses, capital or liabilities is to debit
- A. capital and debit liabilities
- B. liabilities and credit assets
- C. assets and credit capital
- D. capital and credit assets
An accountant must not only be interested in record keeping but also in
- A. the application of professional competency
- B. the accuracy of postings
- C. the casting of financial figures
- D. effective preparation of balance sheet