From the following, determine the value of closing stock using: Feb 1 purchased 200 units at ₦2.00 each Feb 3 purchased 100 units at ₦1.00 each Feb 4 issued 120 units at ₦5.00 each Feb 5 purchased 50 units at …
A sent B a cheque for ₦2000 to provide him with friends. They agreed to share profits in ratio 3 : 2 and settlement is by cheque. Sales Advert Wages Purchases A ₦ 3200 327 85 1600 B ₦ 2100 …
In the preparation of account, the owners of the business and the business concerned are treated as: A partners B joint venture C the same person Dseparate legal entities Answer is D
Capital at start was ₦250,000, while capital at the end of the year was ₦400,000. Drawings during the year amounted to ₦15,000. What is the profit? A ₦165,000 B ₦635,000 C ₦600,000 D₦156,000 Answer is A Let: OC = Opening …
One of the limitations of accounting is that A it ascertain financial position B it prevent fraud C transactions are recorded in monetary terms Dit monitor the progress of the enterprise Answer is C In financial accounting, every transaction is …
Given: Fixed assets Liabilities Current assets ₦ 55,000 20,000 13,000 What is the capital? A ₦88,000 B ₦48,000 C ₦62,000 D₦55,000 Answer is B Capital = Total Assets – Total liabilities = 55,000 + 13,000 – 20,000 = 68,000 – …
Discount received is apportioned to each department on the basis of A Floor area B Turnover C Purchases DHorse power Answer is C
The objective of departmentalization is to A ensure that departmental managers are adequately monitored B record transactions for each department for better documentation C tackle any recording problem as a result of expansion Devaluate the profit of different departments Answer …
A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is A ₦20,000 B ₦6,000 C ₦6,174 D₦10,000 Answer is C
One of the objectives of maintaining the account of a branch at the head office is to A to access the performance of the branches B check the excesses of customers C record charges in shareholdings Drecord charges in liabilities …
The instrument isued by the Minister who authorized an officer to incure expenditure is a/an A warrant B budget C imprest Dconsolidated fund Answer is A A warrant is a legal authority through which money is expended in government.
An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is A Ministry of Finance B Accountant General C Revenue office DAuditor General Answer is D …
