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Income and Expenditure account is the same as the --------- of a sole trader
The Accounting term used to describe a partnership firm that stops operation and disposes its assets is
The purchases ledger control account is also known as
Which of the following expenses is *not* apportined in proportion to turnover?
Which of the following is charged to trading account?
The short term solvency of a company is determined with ------- ratio
The assumption that a business will continue to exist into the foreseeanle future is recognized by a concept called
Shares are said to be authorized when they are
Which of the following is found on the credit side of a profit and loss account?
Current assets are shown in the balance sheet in order of performance as
|
₦ |
|
|
Manufacturing wages |
42,000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1,000 |
|
Purchases |
16,000 |
|
Stock 31/12/16 |
1,400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
What is the value of the indirect manufacturing cost?
|
₦ |
|
|
Manufacturing wages |
42000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1000 |
|
Purchases |
16000 |
|
Stock 31/12/16 |
1400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
The prime cost is
|
₦ |
|
|
Manufacturing wages |
42,000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1,000 |
|
Purchases |
16,000 |
|
Stock 31/12/16 |
1,400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
Calculate the cost of raw materials consumed
The document which is legal charter of a company that defines the limits of a company's field of operation is known as
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
|
₦ |
|
|
Net profit for the year |
90,000 |
|
Interim dividends paid: |
|
|
Ordinary shares |
25,000 |
|
Profit and loss appropriation b/f |
10,000 |
|
Goodwill written off |
1,000 |
At the end of the period, what is the balance of the profit and loss appropriation account?
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
|
₦ |
|
|
Net profit for the year |
90,000 |
|
Interim dividends paid: |
|
|
Ordinary shares |
25,000 |
|
Profit and loss appropriation b/f |
10,000 |
|
Goodwill written off |
1,000 |
The amount of preference shares dividends payable at the end of the year is
When the goods are sold on credit to a buyer, the account receivable account will be
The document issued by a revenue collector as evidence of payment to a government ministry is a
Profit expressed in relation to cost of goods sold is
Which of the following is used in the public sector to monitor or control government expenditure?