Patient and trade marks are classified under
- A. intangible assets
- B. current assets
- C. fixed assets
- D. wasting assets
The procedure for utilizing the savings from one sub-head of expenditure to pay for another under the same head is
- A. apportionment
- B. virement
- C. appropriation
- D. allocation
Which of the following is the responsibility of a local government?
- A. constructing market stalls
- B. raising income tax revenue
- C. developing highways and tolling them
- D. developing major ports for tax purposes
Which of the following is not an externally visible part of a computer?
- A. centra processing unit
- B. microchip
- C. monitor
- D. keyboard
The document which advertises the sale of shares of a company is a/an
- A. prospectus
- B. debenture
- C. statement
- D. invoice
The transformation of pieces of information into a more useful format is
- A. data processing
- B. information processing
- C. computerization
- D. system analysis
Which of the following is not a unit of the computer?
- A. console
- B. output
- C. control
- D. input
Computer programmes are
- A. micro processors
- B. software
- C. hardware
- D. memory
Capital at start was N280,000, while at the end of the year was N485,000 and drawings during he year was N15,000. What is profit for the year?
- A. N265,000
- B. N220,000
- C. N205,000
- D. N190,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life – 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
- A. N14,000
- B. N13,000
- C. N12,000
- D. N10,000
A statement that measures the performance of a business over a period of time is the
- A. balance sheet
- B. bank statement
- C. funds flow statement
- D. profit and loss account
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life – 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
- A. N14,000
- B. N13,000
- C. N12,000
- D. N10,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life – 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
Using reducing balance method at the rate of 20%. What is the depreciation charge for the second year?
- A. N13,600
- B. N11,200
- C. N10,880
- D. N9,600
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life – 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the annual depreciation charge of straight line method is used?
- A. N14,000
- B. N13,000
- C. N12,000
- D. N10,000
Use the following information to answer the given question,
\(\begin{array}{c|c} & N\\ \hline \text{Purchase price of equipment} & 60,000\\ \text{Freight and installation cost} & 10,000 \\ \text{Annual maintenance cost} & 1,000\\ \text{Estimated useful life – 5 years} & \\ \text{Estimated scrap value} & 2000 \end{array}\)
What is the total acquisition cost of the equipment?
- A. N76,000
- B. N72,000
- C. N70,000
- D. N60,000
Which of the following is not correct?
\(\begin{array}{c|c} Assets & Liabilities & Capital\\ N & N & N \\ \hline \text{A. 95,550} 11,500 & 82,000 \\ \text{B. 82,000} & 28,000 & 54,000\\ \text{C. 78,500} & 12,500 & 66,000\\ \text{D. 65,400} & 11,200 & 54,200\end{array}\)
- A. A
- B. B
- C. C
- D. D
Rent prepaid as at 1st January, 2002 was N15,000. How much was paid for rent in 2007?
- A. N80,000
- B. N75,000
- C. N55,000
- D. N35,000
A business operates on a mark-up of 25%. If cost of goods sold is N800,000. What is the profit?
- A. N360,000
- B. N200,000
- C. N160,000
- D. N40,000
The amount of money granted by government to public institutions to meet recurrent expenditure during a fiscal year is
- A. subvention
- B. budgett
- C. deposit
- D. estimates
Which of the following is the basis of accounting in public service?
- A. profit
- B. accrual
- C. expenditure
- D. cash
An expense is said to be revenue in nature if it
- A. adds or contributes to the operating income of the business
- B. reduces the capital of the business
- C. necessitates the introduction of additional capital
- D. adds to or mproves the value of fixed assets