Use the following information to answer the given question: Gross profit is A) ₦70,000 B) ₦60,000 C) ₦50,000 D) ₦40,000 Answer is C
Ali ant Baba are in partnership sharing profits and losses if the ratio of 3 : 2 respectively. Net profit for the year was n4,000,000.00. The extract from the provisions of the partnership agreement and other information relating to 1999 …
Use the following information to answer the given question: Production cost is A) ₦57,300 B) ₦56,300 C) ₦55,800 D) ₦53,000 Answer is C
Use the following information to answer the given question: In addition, he had cash of ₦60,000 out of which ₦20,000 was borrowed from a friend. The liabilities of the business amount to A) ₦80,000 B) ₦60,000 C) ₦40,000 D) ₦20,000 …
Use the following information to answer the given question: Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being ₦4,000. The following transactions took place for a particular month: Amount to be …
The expenditure on a good or service which is consumed either immediately or within a current accounting government? A annual expenditure B budgetary expenditure C capital expenditure D recurrent expenditure Answer is D
Which of the government serves as an input, storage and output device of a computer? A diskette B keyboard C monitr D printer Answer is A
Which of the following serve as the main Government Fund used to service all operations of the government? A General fund B consolidated revenue fund C consolidated reserve fund D special fund Answer is B
The Chief accounting officer of the federation is A Minister of Finance B Auditor General C Accountant general D chief accountant Answer is C
Which of the following are correct about a limited liability company? i. Members have power to bind the company ii. Perpetual succession iii. Certificate of incorporation iv. Wound-up on death of a share holder A ii and iii only B …
Issue of prospectus is an invitation to members of the public to A subscribe for shares B register a company C redeem shares D liquidate a company Answer is A
An agreement made by partners to regulate and govern their business activities is known as A partnership Act B Partnership Deed C partnership code D Memorandum Answer is B