Which of the following is not an inventory costing method? A FIFO B LIFO C Average cost method D LILA Answer is D
Use the information below to answer the question. Calculate the balance in the bank statement. ₦ Balance as per cashbook 13560 Unpresented cheques 5120 Dividend received 2000 Uncredited cheque 2300 Bank charges 280 Standing order 600 Balance as per bank …
To account for expenses paid by head office on behalf of the branch, the branch should___________ A Debit profit and loss account and credit head office account B Debit head office account and credit cash C Credit cash and debit …
Tea and Cup are into a partnership business. Interests on drawings made by partners are at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew the following amounts during the year : 3000 on 31st …
Which of the following is a conversion cost? A Factory overhead B purchases C material cost D wages Answer is A Conversion cost= direct labor+ factory overheads
Use the information to answer the questions Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, #200 on …
Cost of rent as an expense can be apportioned to all department on the basis of: A No of employees B stock value C space occupied D wages Answer is C Indirect expenses can be used to ascertain the profits …
The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department? A ₦700 B ₦1050 …
Why should a new partner contribute towards goodwill on his admission? A It is a norm B to ensure new partner also have a stake in the business C the firm into which he is entering already has some goodwill …
Departmentalization of accounts is useful because it shows the____________ A Over all performance of a division B Cost per unit of a profit C Price per unit of a product D Over all performance of a firm Answer is A …
Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing? A Sule1/3, Ahmed1/3, Khadija 1/3 B …
Which of the following is a common cause of a discrepancy between head office and branch trial office________ A Stock and repayment B Creditors and cash in transit C Stock and cash in transit D Debtors and cash in transit …