Accounting Past Questions

The book into which all types of a ministry's expenditure are recorded is the

Which of the following is a source of revenue to the federation account?

Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840

Determine the number of times stock was turned over during the period to the nearest figure

Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840

Calculate the acid test ratio

Investment at cost of a company is to be disclosed under

When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

Given:
1. The Memorandum of Association of the Company
11.The Article of Association of the Company
111. The Incorporation documents

From the above, which of the following is delivered to the Registrar of companies for incorporation

Ngozi and Musa with a capital of #30,000 each decide to admit Mary into the partnership business with a capital of #20,000 and goodwill #15,000.If the profits and losses are to be shared equally, the journal entries to record goodwill are

In what way can goodwill be written off in a partnership business?

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

In the head office ledger, the value of goods sent to the branch are

Given:
Fixtures-#30,000
Debtors-#7,000
Stock- #8,000
Creditors-#3,000
Goodwill-#10,000

Determine the capital

The excess revenue over expenditure is charged to

The main advantage of a departmental account is that its

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

Determine the value of prime cost

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

What is the total manufacturing profit?