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An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
What was the asset value at the beginning of the third year?
- A. N63m
- B. N133m
- C. N36m
- D. N28m
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An asset was purchase for N343m in 2003.
The estimated life of the asset was 3 years with a residual value of N28m.
Using the straight method. The depreciation of the asset in the first year was?
- A. N210m
- B. N343m
- C. N105m
- D. N270m
Stock valuation is useful because it forms the sales department on the?
- A. price of the competing goods
- B. prices that will affect profitability
- C. number of goods to produce
- D. number of goods to sell
The federal government approved N140m to local governments W, X, Y and Z. The amount is to be shared on the basis of 40% equality, 35% population and 25% internal revenue generation. Calculate the share of local government W on equality?
- A. N35m
- B. N14m
- C. N56m
- D. N28m
A pension granted to any past president or vice-president shall be charged to the?
- A. consilidation revenue fund
- B. special pension fund
- C. contingency fund
- D. development fund
Partners’ share of profit is credited to?
- A. a partner's current account
- B. a partner's capital account
- C. the profit and loss account
- D. the profit and loss appropriation account
The gross profit disclosed in the branch stock adjustment account represents?
- A. head office profit
- B. unrealized profit
- C. estimated profit
- D. branch profit
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Lighting………………N2925
Rent………………….N2640
Salary………………..N4050
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
Find the salary charged to Zera product?
- A. N1854
- B. N1845
- C. N1062
- D. N1134
Use the information above to answer questions
Lighting………………N2925
Rent………………….N2640
Salary………………..N4050
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
The lighting charge to be apportioned to zema is?
- A. N891
- B. N819
- C. N927
- D. N975
The amount of subscriptions accrued is reported in the balance sheet under?
- A. fixed asset
- B. long-term liability
- C. current asset
- D. current liability
Osei and Yabo were in partnership sharing profits and losses in the ratio of 2:3. On admitting Takwa, the profit and loss sharing ratio was charged to 1:1:1. Suppose Takwa paid N30 000 for goodwill , this amount would be?
- A. credited to Takwa's current acount
- B. debited to goodwill account
- C. share to all the partners' capital account
- D. credited to the old partners' capital account
the receipt and payment s acpunt of a not-for-profit-making organization plays a similar role in a profit-making organization as?
- A. a cash acount
- B. a balance sheet
- C. an income account
- D. an expenses account
Given:
Shaku Company Ltd.
Stock……………………..N3600 000
Cash at hand……………….N800 000
Cash at bank……………….N2400 000
Debtors……………………N580 000
Trade creditors…………….N920 000
Bank overdraft……………..N200 000
Tax liabilities…………….N600 000
Salary owed to staff………..N180 000
Determine the working capital?
- A. N7380 000
- B. N8480 000
- C. N5480 000
- D. N6480 000
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A company’s authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
The total amount of money received on application was?
- A. N560 000
- B. N220 000
- C. N800 000
- D. N1000 000
Use the information below to answer question .
A company’s authorized share capital was one million ordinary shares at N1 each. Issued 80% of its shares at N1.10 per share. 70k was payable on application, 25k on allotment, 10k due on first call and the balance on second call.
What would be the total amount received on second call?
- A. N240 000
- B. N280 000
- C. N40 000
- D. N56 000
An accounting ratio that considers only quick assets to determine the short-term safety margin of a firm is the?
- A. fixed assets ratio
- B. capital gearing ratio
- C. current assets ratio
- D. acid test ratio
Goods worth N50 000 were sent at different times from head office to the branch during the year.
By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?
- A. Branch should debit goods received from head ofice with N50 000
- B. Head office should debit goods sent to branch account with N10 000
- C. Head office should debit goods sent to branch account with N50 000
- D. Branch should debit goods received from head office with N10 000
In the trading and profit and loss account of a manufacturing organization, purchases is?
- A. always the same amount as the total factory overhead cost
- B. given separately
- C. equivalent to the total cost of goods manufactured
- D. always the same as the prime cost
Expense paid during the conversion of a partnership to a company are?
- A. debited to the partners' capital account
- B. debited to the realization account
- C. debited to the cash account
- D. credited to the realization account
Use the information below to answer question .
Stock (1/1/02) at selling price……….N2000
Goods sent to branch (selling price)…..N?
Sales by branch (selling price)……….N4500
Stock (31/12/02)…………………….N?
Opening stock is 1/4 of goods sent to branch.
The value of goods sent to branch is?
- A. N4 000
- B. N6 000
- C. N8 000
- D. N2 000
Use the information below to answer question
Stock (1/1/02) at selling price……….N2000
Goods sent to branch (selling price)…..N?
Sales by branch (selling price)……….N4500
Stock (31/12/02)…………………….N?
Opening stock is 1/4 of goods sent to branch.
Determine the closing stock?
- A. N5 500
- B. N6 500
- C. N2 500
- D. N4 500