If the opening stock is 5% of sales. calculate the purchases A N95,600 B N95,000 C N9,600 D N85,000 Answer is C
If the gross profit margin is 10% what is the value of the cost of goods sold? A N10,000 B N90,000 C N105,600 D N110,000 Answer is B
Use the information to answer the question. ……………………..30/9/06…….30/9/07….. ……………………….N………….N……… Accrued insurance premium…600………..710……. Prepaid rent income………490…………630…… The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively. What amount is to be credited to the profit …
Use the information to answer the question. ……………………..30/9/06…….30/9/07….. ……………………….N………….N……… Accrued insurance premium…600………..710……. Prepaid rent income………490…………630…… The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively. The insurance premium to be taken to the profit …
One of the reasons for the existence of the public sector is to? A Take adequate care of the needy B supplement the commerical sector C provide cheap services to all citizens D correct perceived inequalities Answer is C
Which of the following is credited to the consolidated revenue fund? A Recurrent expenditure B Capital expenditure C Transfer to revenue fund D International revenue Answer is A
Replacement and renewal of fixed assets are? A revenue receipt B capital receipt C capital expenditure D revenue expenditure Answer is C
Expenditure incurred on consumables and goods for resale is? A revenue expenditure B capital expenditure C sunk cost D miscellanous expenses Answer is A
The book value per share is obtained by dividing? A shareholders equity by outstanding shares B total assets by outstanding shares C gross profit by outstanding shares D net profit by outstanding shares Answer is A
Provision for bad and double debts in companies final accounts is treated in? A trading account B profit and loss account C fund flow statement D cash flow statement Answer is B
The second and final call account was debited with? A ordinary share capital account N187,500 B 12% preference share capital N375,000 C bank account N187,500 D 12% preference share capital account N187,500 Answer is D
Use the information below to answer questions 43 and 44. A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per …