If a monthly insurance premium is remitted to a company by the state government, the initial deductions from employees are recorded in? A the general fund B agency fund C special fund D general long-term fund Answer is B
Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be? A surrendered to the consolidated revenue fund B carried forward to the next financial year C reserved to meetany deficits or contingencies D returned …
In a public corporation, the capital expenditure incurred in a financial period is? A spread over the useful life of the assets through depreciation B apportioned at a pre-determined rate stipulated by law C written off in the year in …
The term fiscal compliance means? A al financial and related laws and regulations are adhered to B only the budget fir the current period is complied with and no deficits allowed C all physical assets requirements have been met D …
The difference between the closure of the books of a branch and those of a separate company is that? A there is retained earnings account on the branch books B the revenue and expenses account is closed to branch current …
Which of the following entries is effected by a department when goods are charged to it at selling prices? A stock account is debited B purchases account is debited C stock account is credited D mark-up account is debited Answer …
To compute gearing ratio, divide? A profit by capital employed B current assets by current liability C profit by total assets D long-term debts by equity capital Answer is D
The part of equity which is payable on winding up is called? A general reserve B revenue reserve C capital reserve D normal reserve Answer is B
Under which of these conditions can a company issue shares at discount? (i)A resolution must be passed at a general meeting (ii) The amount of discount must be stated in the resolution (iii) The share must have existed for at …
Granada Corporation has net assets of N600,000 and contributed capital of N180,000. The corporation has 30,000 shares of common stock outstanding with no preferred stock. This suggest that the corporation has? A a book value of N14 per share B …
The ordinary shareholders enjoy the following rights except the right to? A vote at annual general meetings B elect the board of directors C participate in additional issues of shares D receive dividends at a preddetermined rate Answer is D
Dan and Baker are in partnership with capitals of N50,000 and N30,000 each. The partnership agreement provides that: (i) profits be shared in the ratio of capital (ii) both partners earn interest on capital at 6% p.a (iv) both parents …