TMA Practice Questions and Answers

Aggregate direct is knonw as
Sunk costs are…..
Which of the following works with the assumption that current cost levels or planned cost levels are too high, even though cost control might be good
Given a budegeted overhead of N225,000 and direct labour hours of 450,000, the overhead absorption rate will be…
If sales is N80,000 and variable costs N60,000, the contribution margin ration is…
The Economic Order Quantity is the order size that results in orderin costs equaling…..
Insurance of a factory would be classified as
Which bonus scheme suggests that the bonus award to the employee is the proportion between time taken and time allowed of the time saved.
The process of assigning overhead costs to products or services produced is called……
The ration of operating profit to fixed interest is called
Which of the following is an activity ratio?
Given that sales is N25,000, Variable sost is N15,000 and fixed cost is N100,000. The break-even point in value is
One of the following is an objective of cost analysis
What type of standrad represents an old established standard designed principally to satisfy a given objective
The cost of an asset acquired three months ago is a good example of
Process costing is
If the total factory overhead for the period was N100,000 and the total machine hours used was 80,000 hours. The overhead absorption rate will be…
One of the following is a method of re-apportioning overheads
An employee is paid N100 per hour and he was able to save 4 hours in the course of production. What is his bonus using the Halsey Bonus System?
What is the minimum stock level required given that the Re-order level is 50, 000 units, Average usage is 12, 000 units and an average lead time of 2 days.
The accounting concept that supports separation of business records from that of the owners is called………………………………………….
A document sent by the seller if the buyer has been undercharged on the invoice is called
The book of original entry for recording motor car purchased on credit is ………………………………
An expenditure on repairs made to building is classified as…….
 When a business owner withdraws cash from the business for private use, the accounting entries are………………… and …………………….
The two accounts involved when an owner introduces his/her personal car into business are ………………………… and …………………..
Motor vehicle can be classified under…..
ABC enterprise paid N500 for Travelling expenses by cash. The account to be debited is…………………
Cheques collected from customers by the treasurer of a company but lodged with the bank after the closure of accounting books for the month will be classified as……………………………………………………………………
The accounting entries for goods sold for  N501,000 cash are..
A cheque payment posted to the credit side of the cash book, but not in the debit column of the bank statement, is
In which of the following ledgers can data relating to discount be found?
The Account to be credit when equipment acquired by cash is ………………………..
The accounting entries for good returned by a customer are……
What type of balance does an liability account maintains?
An Increase in asset is entered on ………. side of the account
Commission received is classified under
The Accounting Equations is given by…..
A legal obligation to transfer assets or provide services to another entity that arises from some past transaction or event is called
Another name for Ownership interest is
In financial accounting,
Which of the following is a book of prime entry?
Sales Day Book is best described as
A credit balance of N5,000 in the petty cash book would mean that
…………..Concept makes a distinction between the receipt of cash and the right to receive it, and the payment of cash and the legal obligation to pay it
the systematic recording of the facts that show the position of a business is referred to as
An increase in capital account will require…..
All expenses maintain …………..balances
What is the accounting principle that states ‘’Anticipate no profit and provide for all possible losses‘’?………………………………………………….
When goods are sold on credit, what is the effect of such transaction?
At classroom level, a teacher can solve the problem of instructional resources through…
…entails making efforts to help students make connections to previous learning.
Evaluation process which is conducted as the lesson is in progress is described as…
Three major issues shaping the development of nations worldwide, are Entrepreneurship Education, Information and Communication Technology (ICT) and…
All these are curriculum development agencies in Nigeria except…
The … translates the curriculum into learning experiences to be passed across to learners.
All these are the communication functions of STAN except…
…encourages, promotes and co-ordinates educational research programmes carried out in Nigeria.
Curriculum …refers to changes and improvements made to the overall plan of studies that a school is making use of in its
education of students
A good… is a product of well formulated objectives, learning experiences, relevant learning resources and workable evaluation procedures.
…has always been he most distinctive feature of science instruction.
Assessment of students’ practical work should take into cognizance these domains of behavioral objectives except…
All science laboratorie should be sited in a block to accommodate … of facilities, services and human resources.
Any work involving noxious fumes must be carried out in a. ..
Accidents may occur in the laboratory due to lack of…
All these are fire-fighting equipment in the laboratory except…
To protect your eyes from splashes of chemicals or fragments of dust or glass, you need to wear…
There is need to have rules and regulations to ensure … in the laboratory
You should always put on… while mixing or transferring toxic, radioactive, carcinogenic and corrosive substances.
Check that all bunsen burners are put off and there are no naked flame before using  … solvents/substances.
 …is the immediate treatment/care given to a victim of an accident or sudden illness until professional medical assistance is available.
First aid is given to achieve all these objectives except…
A report of the first aid you provided must be given to the…
The following but one, are suggested minimum contents of a first aid box:
Old or obsolete instruments in the laboratory should be…
 All but one are the duties of a  laboratory assistant: ….  materials before the practical exercises.
Each cupboard should bear a general… indicating the type of apparatus it contains.
Sodium MUST not be stored in…
 Volatile, toxic or combustible chemicals should be marked with … to indicate danger.
 â€¦.is an important factor to be considered in the storage of items in the laboratory.
The first student laboratory was built in Britain in the Royal Technical College in 1930 by…
Prior to 1930, eminent scientists converted their homes to… for purposes of demonstrations to  students interested in science.
Most often, … aspect of the laboratory work is neglected  by science teachers.
All but one of these places help pupils learn what science is.
Weather, proximity , student’s distraction and over crowdness of the school timetable are some problems of…
The laboratories should be sited at the… of the college to ease Expansion and prevent danger.
Acids must be stored in cupboards having good … to the outside air.
Science teachers havel… duties to ensure that their students in the school laboratories are kept safe.
….rules are very important in the science laboratory
Students should not be allowed to work alone in the laboratory without …
An _______________ is a sole trader.
Collateral is usually a request of the___________ bank.
___________ is an amount of money lent to a customer by a bank.
_______________  is the property pledged as a guarantee for the
repayment of a loan.
_____________________ refers to the sector of the economy that is
not categorized under the range of operation of the organised economic
activities.
The implementation of the additional services will be enhanced by the newly
introduced ____________________
The _______________are mostly small or micro business owners who are
mostly in the informal sector.
The financial need of __________________ very low.
Micro Finance_________________ look beyond credit provision
The _________________ of the additional services will be enhanced by the newly
introduced Micro Finance Institutions (MFIs)
Micro credit of micro finance is not a new package of__________ to the Nigeria people.
__________ is a very important aspect of the scheme.
Loans are granted without________procedures and the cost of transaction is therefore reduced.
Ajo’ encourages the development of the habit of ______________.
______________ is a system whereby every member contributes some money
periodically.
Lack of Proper Record Keeping – Informality is a key feature of_____________  and credit schemes.
The savings and  _____________ has been existing before the advent of the
Existing _________________and regulation
do not accord indigenous credit groups any recognition.
The expansion of _______________ is
limited because of the informality of organisational structure, and
procedures.
Ajo’ · Encourages ___________________
Personal savings can be referred to as equity or the private money you
put into your business.
Owner’s equity is called _______ capital
Investing your own money in your business is a risk but it shows that
you believe in your own business idea and that you have been ________
with what you have.
The ____________ is evidence that you have enough faith in your business to
risk your own savings on it.
___________ is a medium term finance where the buyer is given an asset after he
has paid a deposit
 _______________participation shows that a businessman has faith in
his business and that makes it easier for him to have financial assistance
from individuals and corporate organisations.
The business man can also source for ________ from friends, the business itself
There are many _______ of funds available to the business man.
the ________ will hold on to the title of the asset while the
buyer will take possession of the asset.
_______ make it compulsory for those buying goods from them to deposit some amount of money before they can collect goods from them.
All are the assumptions about Science except…
The principle of … indicates that  nature is expected to show variation and change that is dynamic and not static.
….principle believe that every phenomenon results from a discoverable cause.
…is a subject that could be used to explain most natural phenomena including the food we eat and how they are processed in our body.
….wrote about the conflict of science and superstition in Nigeria
…. substituted induction with hypothetico-inductive model.
In science hypotheses are formulated and …
A single negative instance is sufficient to establish the… of a hypothesis
Thomas Kuhn is concerned with the analysis of how … behave normally and not how they ought to behave.
It is advisable for teachers to mix all the proposed methods in order to achieve their desired…
Investment is also recognized as the _________ of financial resources towards enhancing a person’s income or increasing the level of earnings from invesible products in the future
An investment Involves _____________ of funds in acquisition of financial assets
The fundamental purpose of investment is to generate ______________
Safety of investment can only be guaranteed if is done in financial products such as __________ and __________ with high networth
_____________ means the ease with which an investment can be converted into cash.
_______________ refer to money market financial instruments that are easily convertible to physical cash
___________ are obligations of the government
A ___________ refers to a financial product which has its value dependent on the outcome of the original financial product as investment by the managers of the funds.
__________ involves investment in buying or building houses, apartments and other landed property with the purpose of leasing them out.
________ refers to short term debt obligation that is taken by the government through the apex bank
The values of science that must be taught include all these except…
It is necessary for the citizens to acquire scientific literacy as avenue towards…
… requires  that supporting data be made public and  that new empirical tests be invented to assess the validity of a finding.
…was introduced into the curriculum of secondary schools in Nigeria in 1859.
The colonial government was most… to encourage the teaching of science in the schools.
All these  are teacher-based factors which influence the quality of learning except…
The … is the teacher’s audience.
Science subjects have their own peculiar …
The word … is a special name for scientific guess.
…has to instruct, supervise and also manage resources.
Formulating business idea is very time-consuming which goes through ___________
________ is regarded as the key stage in the new venture process.
________ involves establishing the management structure of the venture with which to steer the affairs and ensure success and profitable operations of the business.
The_____________ constitutes the driving force for the recognition of a venture idea
Another important responsibility of the entrepreneur in venture creation involves the packaging a detailed ____________for the venture.
A crucial responsibility of the entrepreneur in venture creation involves generating the needed _____________ resources for the new venture
Another crucial responsibility of the entrepreneur in venture creation involves the_____________of the new venture.
___________ refers to an action initiated for starting business venture with the intent of filling the gap between an initiative and a “capitalized business.
The initial or seed money, as opined by __________ is normally required for market research, product development, and building management infrastructure.
The _________ has the onerous task of taking decisions on the future potentials of the business which enables him to project the future growth and development.
__________buys undervalued securities while he sells overvalued ones out of his investment portfolio in the capital market. In
__________ is regarded as one of the basic building blocks of a solid portfolio.
In finance, the major benefit from investment is the return on the __________invested
A value investor buys undervalued securities while he sells overvalued ones out of his investment ______in the capital market.
Investment __________ is regarded as one of the basic building blocks of a solid portfolio.
These are ______________  risk and unsystematic risk.
The ________risk is specific to a company, industry, market, economy or country; it can be reduced through diversification.
the aim of diversification is to invest in various_____ so that they will not all be affected the same way by market events.
Portfolio ____________is achieved by placing a larger percentage of high return investments in a diversified portfolio.
Investment involves allocating your fund or money in ___________ securities
Science, engineering and technology are … but distinct enterprises.
“Science” begins in the real sense, with …
…deals with the tools and techniques of producing the end products of scientific endeavour.
…is another barrier to inter-communication in science and technology
Teacher does most of the talking while the pupils  remain passive listeners during…
…is when two or more teachers jointly share the responsibility for directing and evaluating of the learning experiences of a common group of students.
…method of teaching is teaching in which learners try to find out things for themselves.
A more fruitful way to state… is in terms of the  outcomes we expect from our teaching.
Classroom crisis should be effectively managed by the …
…plays an important function in the teaching of chemistry
An operating lease is similar to a finance lease in all respect except that……….
Cash management is primarily not concerned with…………………….
Choose the odd one out
The term  “Capital structure” refers to ……
A project has a cost of =N= 35,000 and its expected net cash inflows are =N= 9,000 per annum for six years. If the cost of capital is 12% calculate the project’s Net present value
 Insurance company is an example of ………………………
Femi Nig.Plc has issued 20% of =N= 1000 debenture currently selling at =N= 800.The maturity of the debenture will be 5 years and the tax rate is 30%.Calculate the cost of debt
An investor has identified a three year investment paying 11% per annum.If he invests N850, how much will his investment be worth at the end of the 3years?
….. Analysis is when current calculated ratios are compared with past financial ratios calculated for the same firm over a period of time
When a firm takes over or merges with a company in the same industry & at same level, it is known as
A firm’s degree of operating leverage (DOL) depends primarily upon its………
A decision that is concerned with the management of stocks and creditors is called……
……. Occurs if a business is trying to support large volume of trading with little long term capital at its disposal
For long term solvency and stability ratio, choose the odd one out
….. Is used as a discount rate in determine the present value of future cash flows associated with capital projects
A firm’s degree of total leverage(DTL) is equal to its degree of operating leverage…….. Its degree of financial leverage(DFL)
……………….. Is the most diversified of the financial institutions
Divestiture means
An investor has identified a three year investment paying 11% per annum.If he invests N850, how much will his investment be worth at the end of the 3years?
A project has a cost of =N= 35,000 and its expected net cash inflows are =N= 9,000 per annum for six years. If the cost of capital is 12% calculate the project’s payback period to the nearest year

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