In computing, external storage is called
- A. backing storage
- B. logging storage
- C. primary storage
- D. extra storage
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under
- A. current lability
- B. current asset
- C. long term liability
- D. fixes asset
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is
- A. N2,000
- B. N1,700
- C. N1,400
- D. N1,300
When a buyer is undercharged, the seller forwards
- A. a debit note
- B. a credit note
- C. an undercast note
- D. a payment receipt
Prepaid rent of N650 had been recorded as N560. This is an error of
- A. commission
- B. principle
- C. compensation
- D. original entry
Gross Profit of a business is the
- A. excess of sales over all the trading expenses
- B. difference between sales and purchases
- C. excess of sales over the cost of goods sold
- D. difference between discounts received and discount allowed
Expenses incurred when incorporating a company are
- A. preliminary expenses
- B. selling expenses
- C. administrative expenses
- D. financial expenses
The entries necessary for recording profit loading on goods sent to branch are
- A. debit branch stock account, credit branch stock adjustment account
- B. credit branch stock Adjustment account, debit goods, debit goods sent to branch account
- C. debit goods sent to branch account, credit branch stock account
- D. debit branch stock adjustment account, credit branch stock account
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. Capital reserve was
- A. N1,500
- B. N1,000
- C. N500
- D. N150
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. The purchase consideration was
- A. N31,500
- B. N30,000
- C. N28,500
- D. N28,000
Closing stock was overstated. The effect is that
- A. amount of goods available was understated
- B. cost of goods sold was overstated
- C. amount of sales was understated
- D. gross profit was overstated
When goods are purchased on account, the accounting entries are
- A. debit purchases account, credit supplier's account
- B. credit purchases account, debit supplier's account
- C. credit bank account, debit purchases account
- D. debit bank account, debit purchases account
The ratio which measures the solvency of a firm is the
- A. quick ratio
- B. gross profit over sales ratio
- C. stock turnover ratio
- D. debtors turnover ratio
A partner who has full power of participating in the conduct of a partnership business is a
- A. general partner
- B. limited partner
- C. sleeping partner
- D. nominal partner
In a bonus issue of one new share for every four held, a holder of 100,000 shares will get additional shares of
- A. 50,000
- B. 25,000
- C. 20,000
- D. 10,000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams’ interest on capital?
- A. N10,000
- B. N7,000
- C. N6,000
- D. N4,000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. If Williams introduces cash of N10,000 by way of loan to the partnership, how much interest will he earn per annum on the loan?
- A. N2,000
- B. N1,500
- C. N1,000
- D. N500
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Jacob’s share of profit?
- A. N10,000
- B. N8,000
- C. N5,000
- D. N4,000
Williams and Jacob are in partnership but there is no partnership agreement. The capital contributed are N60,000 and N40,000 respectively. Profit for the year is N20,000. Interest on capital is 10%. What is Williams’ share of profit?
- A. N12,000
- B. N10,000
- C. N8,000
- D. N5,000
The excess of current assets over current liabilities is
- A. authourised share capital
- B. working capital work
- C. loan capital
- D. called-up capital
Shares sold at the nominal value are issued at
- A. a discount
- B. a premium
- C. a loss
- D. par