Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
The value of working capital is
- A. N27,000
- B. N25,000
- C. N24,500
- D. N18,000
- E. N14,500
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of intangible assets?
- A. N60,000
- B. N50,000
- C. N42,000
- D. N32,000
- E. N10,000
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
The capital is
- A. N92,000
- B. N89,500
- C. N85,000
- D. N82,000
- E. N60,000
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current assets?
- A. N37,000
- B. N35,000
- C. N27,500
- D. N22,500
- E. N22,000
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of current liabilities?
- A. N12,500
- B. N10,000
- C. N9,500
- D. N9,000
- E. N7,500
Use the following information to answer the given question
\(\begin{array}{c|c} & DR & CR \\ & N & N \\ \hline \text{Goodwill} & 10,000 & \\ \text{Plant and Machinery} & 32,000& \\ \text{Freehold premises} & 50,000& \\ stock & 15,000& \\ debtors & 12,500 & \\ \text{Cash in bank} & 7,500 & \\ \text{cash in hand} & 2,000 & \\ \text{Profit and loss account} & & 34,000 \\ \text{Accrued rent} & & 500 \\ \text{Sundry creditors} & & 9500 \\ Capital & \overline{129,000} & \overline{129,000}\end{array}\)
What is the value of fixed tangible assets?
- A. N92,000
- B. N89,500
- C. N82,000
- D. N60,000
- E. N42,000
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Balance brought forward} & 500Cr \\ \text{Amount paid to suppliers} & 12,000 \\ \text{Returns outwards} & 150 \\ \text{Balance carried forward} & 650 Cr \end{array}\)
What is the value of purchases?
- A. N12,800
- B. N12,650
- C. N12,300
- D. N12,150
- E. N12,000
Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Stock in hand} & 4,000 \\ \text{Purchases for resale} & 5,000 \\ Sales & 3,500 \\ Margin & \text{20%}\end{array}\)
The closing stock is
- A. N6,200
- B. N5,500
- C. N5,000
- D. N4,000
- E. N3,500
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Sales for the year amounted to
- A. N12,625
- B. N12,000
- C. N11,300
- D. N11,200
- E. N10,100
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Gross profit is
- A. N2,800
- B. N2,525
- C. N2,500
- D. N2000
- E. N1,750
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Cost of sales is
- A. N10,100
- B. N10,000
- C. N9,200
- D. N9,100
- E. N7,000
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Purchases for the year amounted to
- A. N10,000
- B. N8,000
- C. N7,000
- D. N6,900
- E. N5,000
Which of the following is not a liability?
- A. accrued wages
- B. creditor
- C. prepayment
- D. insurance due but unpaid
- E. rent arrears
A delivery van was bought on credit. The transaction would be entered by the customer first in the
- A. purchases day book
- B. sales day book
- C. returns inwards book
- D. returns outwards book
- E. journal proper
Accounting term used to describe the excess of current assets over current liabilities is
- A. shared capital
- B. working capital
- C. sucscribed capital
- D. reserve capital
- E. loan capital
Payment of salaries to partners is
- A. a charge to profit and loss account
- B. a charge to trading account
- C. an appropriation of divisible profit
- D. an appropriation of interest on capital
- E. an appropriation of interest on current account
A business which converts raw materials to finished goods prepares
- A. trading account and balance sheet
- B. profit and loss account and balane sheet
- C. balance sheet only
- D. trading profit and loss account and balance sheet
- E. manufacturing, trading, profit and loss account and balance sheet
Which of the following statements is not true of a non-profit making organization?
- A. income and expenditure account is prepared
- B. income and expenditure account excludes accruals and prepayments
- C. Income and expenditure account excludes capital receipts and capital payments
- D. receipts and Payments account is a substitute for expenditure account
The capital sum which represents the difference between the assets and liabilities of a society or club is referred to as
- A. cosolidated fund
- B. recurrent fund
- C. accumulated fund
- D. working capital
- E. general reserve
The trading Account is usually headed
- A. for the year ended............19 x 1
- B. for............19 x 1
- C. as.............19 x 1
- D. as at.........19 x 1
- E. ...................19 x 1
Which of the following accounts are treated in the nominal ledger? i. wages ii. discounts allowed iii. purchases
- A. i
- B. ii
- C. iii
- D. i, ii and iii
- E. i and ii