Which of the following is charged to trading account?
- A. rent
- B. discount allowed
- C. carriage inwards
- D. carriage outwards
The short term solvency of a company is determined with ——- ratio
- A. acid test
- B. gross profit margin
- C. debt to equity
- D. current
The assumption that a business will continue to exist into the foreseeanle future is recognized by a concept called
- A. matching
- B. business entity
- C. going concern
- D. historical cost
Shares are said to be authorized when they are
- A. paid -up
- B. called up
- C. offered for sale
- D. subscribed
Which of the following is found on the credit side of a profit and loss account?
- A. advertising
- B. dividend received
- C. wages and salaries
- D. bank charges
Current assets are shown in the balance sheet in order of performance as
- A. debtors, stock, bank and cash
- B. stock, debtors, bank and cash
- C. stock, bank, debtors and cash
- D. debtors, stock, cash and bank
|
₦ |
|
|
Manufacturing wages |
42,000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1,000 |
|
Purchases |
16,000 |
|
Stock 31/12/16 |
1,400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
What is the value of the indirect manufacturing cost?
- A. ₦57,900
- B. ₦18,200
- C. ₦20,300
- D. ₦23,000
|
₦ |
|
|
Manufacturing wages |
42000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1000 |
|
Purchases |
16000 |
|
Stock 31/12/16 |
1400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
The prime cost is
- A. ₦57,900
- B. ₦42,000
- C. ₦45,000
- D. ₦78,200
|
₦ |
|
|
Manufacturing wages |
42,000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1,000 |
|
Purchases |
16,000 |
|
Stock 31/12/16 |
1,400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
Calculate the cost of raw materials consumed
- A. ₦15,600
- B. ₦17,000
- C. ₦42,000
- D. ₦20,300
The document which is legal charter of a company that defines the limits of a company’s field of operation is known as
- A. articles of association
- B. equity share certificate
- C. prospectus
- D. memorandum of association
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
|
₦ |
|
|
Net profit for the year |
90,000 |
|
Interim dividends paid: |
|
|
Ordinary shares |
25,000 |
|
Profit and loss appropriation b/f |
10,000 |
|
Goodwill written off |
1,000 |
At the end of the period, what is the balance of the profit and loss appropriation account?
- A. ₦66,5000
- B. ₦90,000
- C. ₦100,000
- D. ₦74,000
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
|
₦ |
|
|
Net profit for the year |
90,000 |
|
Interim dividends paid: |
|
|
Ordinary shares |
25,000 |
|
Profit and loss appropriation b/f |
10,000 |
|
Goodwill written off |
1,000 |
The amount of preference shares dividends payable at the end of the year is
- A. ₦10,000
- B. ₦25,000
- C. ₦7,500
- D. ₦20,000
When the goods are sold on credit to a buyer, the account receivable account will be
- A. debit and credit
- B. contra entry
- C. debited
- D. credited
The document issued by a revenue collector as evidence of payment to a government ministry is a
- A. receipt voucher card
- B. stores receipt voucher
- C. treasury receipt
- D. payment voucher
Profit expressed in relation to cost of goods sold is
- A. turnover
- B. cost price
- C. margin
- D. mark -up
Which of the following is used in the public sector to monitor or control government expenditure?
- A. sales day book
- B. cash book
- C. cheque
- D. vote book
The accounting system in which only one aspect of transaction is recorded is
- A. single entry
- B. single column cash book
- C. original entry
- D. double entry
Danladi Bako’s Statement of Affairs as at 30/06/17
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78650 | 78650 |
What is the value of Dalandi Bako’s capital?
- A. ₦60,150
- B. ₦78,650
- C. ₦50,160
- D. ₦60,650
Danladi Bako’s Statement of Affairs as at 30/06/17
| ₦ |
₦ |
||
| Capital | ?? | Fixtures and fittings | 4,000 |
| Stock | 20,500 | ||
| Sundry debtors | 40,000 | ||
|
Creditors |
18,000 | Bank | ?? |
| 78,650 | 78,650 |
What is his bank balance as at 30/06/17?
- A. ₦14,150
- B. ₦18,500
- C. ₦15,300
- D. ₦65,150
Which of the following concepts recognizes the principle of double entry?
- A. business entity
- B. accrual
- C. going concern
- D. dual aspect
Another name for control accounts is
- A. total account
- B. purchases ledger
- C. creditors' account
- D. debtors' account