The Auditor General of the Federation can be removed by the?
- A. National Assembly
- B. Chief Justice
- C. The president
- D. Head of Service
Which of the following is among the categories of government cash book?
- A. Receipt cash book
- B. Payment cash book
- C. Petty cash book
- D. Treasury cash book
The salary of the chief Justice of the Federation is paid from the?
- A. consolidated revenue fund
- B. development fund
- C. contigency fund
- D. special fund
A source of revenue that is compulsory payment without any derived benefit is?
- A. fees
- B. taxes
- C. fines
- D. royalties
Ordinary shareholders received dividend before?
- A. creditors
- B. debtors
- C. preference shareholders
- D. deferred shareholders
Cash received from the subscribed shares is recorded by debting?
- A. application, allotment and crediting cash
- B. allotment and crediting cash
- C. cash and crediting subscribed shares
- D. cash, crediting application and allotment account
Goodwill can be in the balance sheet as?
- A. fixed tangible asset
- B. current asset
- C. fictitious asset
- D. liquid asset
In partnership dissolution, an asset taken over by a partner is debited to?
- A. partners capital account and credited to realization account
- B. Partners capital account and credited to asset account
- C. asset account and credited to realization account
- D. realization account and credited to capital account
The entry in the partnership books of accounts for interest on drawings is to?
- A. credit partners capital account
- B. debit partners capital account
- C. credit drawings account
- D. debit drawings account
Given:
Capital:..G………..N5 000
……….T………..N8 000
Drawings: G………..N2 000
……….T……….N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?
- A. N50
- B. N100
- C. N200
- D. N250
If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?
- A. selling price
- B. Akure price
- C. company price
- D. Lagos price
Given:
(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?
- A. i and ii
- B. i, ii and iii
- C. i, ii, iii and iv
- D. iii and iv
The main reason for adopting a departmental account is to?
- A. record transactions for each department for betterdocumentation
- B. tackle any recording problem as a result of expansion
- C. continuously evaluate the profitability of different departments
- D. ensure that departmental mangers are adequately monitored
Given:
Subscription in arrears 01/10/06………..N2 000
Subscription in advance 01/10/06………..N1 500
Subscription paid during the year……….N7 000
Subscription in arrears 31/12/06………..N3 000
Determine the amount of subscription included in the income and expenditure account for the year?
- A. N3500
- B. N7000
- C. N9500
- D. N13 500
Receipt and payment account discloses?
- A. debtors
- B. creditors
- C. prepayment
- D. depreciation
Use the information below to answer questions .
Stock of material 1/1…………..N10 000
Purchase of raw material………..N160 000
Manufacturing wages…………….N420 000
Royalties……………………..N3 000
Stock of raw materials 31/12…….N14 000
Calculate the prime cost?
- A. N597000
- B. N579000
- C. N576000
- D. N5967000
Use the information below to answer questions .
Stock of material 1/1…………..N10 000
Purchase of raw material………..N160 000
Manufacturing wages…………….N420 000
Royalties……………………..N3 000
Stock of raw materials 31/12…….N14 000
What is the cost of raw materials consumed?
- A. N173 000
- B. N170 000
- C. N160 000
- D. N156 000
The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. N20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?
- A. N8 000
- B. N10 000
- C. N12 000
- D. N18 000
Use the information below to answer question .
…………………….31 Dec. 05……..31 Dec. 06
Total fixed assets………N7 800…………N6 600
Total current assets…….N12 100…………N17800
Total current liabilities..N4 700…………N3 800
Drawings for 2006 is N5 200.
What is the net profit for 2006?
- A. N19 000
- B. N16 000
- C. N12 600
- D. N10 600
Use the information below to answer question .
…………………….31 Dec. 05……..31 Dec. 06
Total fixed assets………N7 800…………N6 600
Total current assets…….N12 100…………N17800
Total current liabilities..N4 700…………N3 800
Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?
- A. N20 600
- B. N15 200
- C. N13 800
- D. N11 600
Discount allowed as represented in the control account appears on the?
- A. credit side of the purchases control account
- B. debit side of the purchases control account
- C. credit side of the sales control account
- D. debit side of the sales control account