The cost of goods sold at N32,000. The gross profit is 25% on cost. Returns inward amounts to N2,000, What is the value of sales?
- A. N42,500
- B. N40,500
- C. N40,000
- D. N38,000
- E. N32,000
In a manufacturing organization, which of the following expenses does not elate to cost of production?
- A. materials consumed
- B. direct labour
- C. direct overhead
- D. administration overhead
- E. work-in-progress
Carriage outwards is accounting term for amount spent on
- A. goods purchased
- B. goods sold
- C. excess stock
- D. goods for production
- E. goods returned to stock
Capital is the
- A. liability of tthe business to its proprietor
- B. money owed by the company to others
- C. money owed to the company by others
- D. total of the long-term liabilities
- E. total of the short-term liaqbilities
If the Opening stock is undervalued
- A. goods available would be understated and gross profit overstated
- B. goods available and gross profit would be understates
- C. goods available would be overstated and gross profit understated
- D. gross profit and goods available would be overstated
- E. cost of goods sold would be overstated
Where the cash book does not show a credit balance in a bank reconciliation: Unpresented cheques are book i. added to the cash book balance ii. added to the bank statement balance iii. deducted from the cash book balance
- A. i
- B. ii
- C. iii
- D. i and ii
- E. ii and iii
The authority of the accountant-General to disburse from government fund is called
- A. voucher
- B. warrant
- C. estimate
- D. provision
- E. vote
The document evidencing a disbursement of government fund is known as
- A. bill
- B. invoice
- C. till book
- D. payment voucher
- E. local purchase order
The authorized share capital of a limited liability company is the number of shares
- A. offered for sale
- B. called up
- C. approved in the memorandum of association
- D. subscribed
- E. paid up
Acquash has sold goods on credit and received N2,200 in cash from debtors. At the end of the previous year N500 was owed by customers. The balance outstanding this year is N300. sales for the year amounted to
- A. N2,300
- B. N2,200
- C. N2,000
- D. N1,800
- E. N1,700
Which of the following is in the personal Ledger?
- A. discount allowed account
- B. interest received account
- C. cash sales account
- D. debtors account
- E. assets account
Discount allowed is a charge to
- A. trading account
- B. balance sheet
- C. profit and loss account
- D. profit and lss appropriation account
- E. current account
N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are
- A. debit Latifat's account, credit cash book with N100
- B. credit Latifat's account, debit cash book with N100
- C. credit Latifa's account, debit cash book with N200
- D. debit Latifat's account, credit cash book with N200
- E. credit Latifat's account, debit Suspense account with N200
Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date
- A. i
- B. ii
- C. iii
- D. i and ii
- E. i and iii
Depreciation is
- A. a charge for the wear and tear of a fixed asset
- B. the cost of replacing a fixed asset
- C. the loss incurred on the sale of a fixed asset
- D. the cost of repairs incurred on a fixed asset
- E. the increase in value of a fixed asset
The price paid for the purchase of for the purchase of a business is
- A. debited to the cash account and credited to the vendor's account
- B. credited to the cash account and debited to the vendor's account
- C. credited to the business purchases account and debited to the assets account
- D. debited to the business purchase account and credited to the assets account
- E. credited to the cash account and debited to the assets account
Which of the following is related to debtors account?
- A. purchases ledger
- B. general ledger
- C. norminal lesger
- D. sales ledger
- E. private ledger
Reccurrent expenditure of government is paid from
- A. reserved fund
- B. consolidated revenue fund
- C. development fund
- D. contigencies fund
- E. personal fund
In government imprest system the amount reimbursed is the
- A. actual amount spent
- B. amount of the float
- C. amount spent above the float
- D. balance of the float
- E. sum of unreceipted vouchers
Preliminary expenses of a limited liability company are
- A. fixed assets
- B. current assests
- C. fictitious assets
- D. fictitious liability
- E. current liability
When shares are oversubscribed, the promoter nay decide to scale down the number of shareholding when this is done, the shares are being
- A. forfrited
- B. issued at a discount
- C. issued on prorata
- D. issued at par
- E. issued at a premium