An instrument which allows public officers to increase expenditure within a year is A statutory allocation B supplementary budget C virement D warrant Answer is B
Given: Assets and Liabilities of a Local Government Bank balance #6,484,000 Cash # 900,000 General revenue balances #9,774,500 Accrued salaries #1,220,000 Investment in shares #1,480,000 Vehicles #7,620,000 Calculate the liabilities of the local government A #10,994,500 B #17,394,500 C #18,774,500 …
Accountant-general of the federation is responsible for A the general supervision of all auditing personnel in all the ministeries B the compilation of annual financial statement C the interpretation of rules and regulations affecting the private sectors D ensuring the …
The debenture issued at par above the nominal value is said to be issued at a A cost price B mark-up C premium D margin Answer is C
The distributable profit available to shareholders at the end of each year is the A total profit and debtors balance B general reserve and retained profit C retained profit and fictitious assets D total profit less creditors balance Answer is …
The issued share capital is the number of shares that are A authorized by share holders B shared among the directors C fully subscribed D in the share certificate Answer is A
Given: Applications were invited by the directors of Abiodun PLC for 500,000 ordinary shares of #1:00 each at #1:10 per share payable as follows; On application 46k On allotment 20k 1st Call 15k 2nd Call 19k How much is to …
Which of the following is the capital reserve of a company A Share premium B Retained profit C Accumulated depreciation D Loss on forfeited shares Answer is A
The objective of departmental account is to A ascertain the cost of running the organization B ascertain the amount of profit or loss for each department C ascertain the amount of profits for losses for the enterprises D offset the …
Department K Y Opening stock #2,500 #800 Purchases #120,000 #100,000 Sales #180,000 #200,000 Salaries #8,000 #30,000 Closing stock #3,000 #1,500 Rate expenses of #1,500 are apportioned in the ratio 1:2. What is he net profit of Y? A #52,000 B …
Department K Y Opening stock #2,500 #800 Purchases #120,000 #100,000 Sales #180,000 #200,000 Salaries #8,000 #30,000 Closing stock #3,000 #1,500 Rate expenses of #1,500 are apportioned in the ratio 1:2. The gross profit for K is A #23,500 B #60,500 …
When there is no basis of apportionment in an organization, the expenses should be apportioned based on A sales B purchases C equality D floor space Answer is C