Question 1 of 20 1,611 total questions
The basis upon which assets of an organization is valued is the
A historical concept
B business entity concept
C periodicity concept
D materiality concept
Calculate the cost of goods sold.
A N61 000
B N58 000
C N62000
D N57 000
Find the average stock for the period
A N27 000
B N23 000
C N28 000
D N20 500
Which of the following signs general warrant for the release of money from the consolidated revenue fund?
A Minister of Finance
B Chairman, Economic Advisory Committee
C Permanent secretary
D Minister of Economic Planning
The chief accounting officer of a local government is the?
A Chairman
B Treasurer
C Director of personnel
D Auditor
Which of the following is a signatory to federal government account?
A Auditor-General
B Governor of Central Bank
C Accountant-General
D Persident
If Aboki Holdings Limited issued 120, 000 ordinary share of N2.00 each at market value of 5.50k each, the share premium would?
A N500 000
B N450 000
C N550 000
D N420 000
Which of the following accounts for the highest revenue to Nigeria?
A Import duties
B Personal income tax
C Petroleum income tax
D Company tax
The fund in which all government receipt are paid is?
A consolidated revenue fund
B development fund
C trust fund
D contingency fund
The founders of a company are?
A promoters
B shareholders
C canvassers
D stakeholders
Goodwill is determined using?
A capital contribution
B number of partnerd admitted
C the business and customer relations
D number of active partners
Which of the following can be used on admission of a new partnership?
A Revaluation account
B Profit account
C Capital account
D Trading account
The interest on Keme's drawings is calculated as?
Use the information below to answer questions 40 and 41.
A N1 000
B N2 000
C N500
D N3 000
The major point of agreement carried by the partnership deed is?
A 5% interest annum on any loan
B an oral agreement among the partners
C method of inhertance by the partners' children
D the profit and loss sharing ratio of the partners
Goods invoiced to a branch can be sent using?
A cost price, selling price and fixed percentage on selling price
B cost price, selling price and fixed percentage on cost price
C cost priceand fixed percentage on cost price
D cost price and fixed percentage on selling price
The two accounts that are normally opened in the head office when goods are transferred to a branch are?
A branch supplies and branch receipts
B branch stock account and goods sent to branch accounts
C goods sent to brannch account and branch receipt account
D goods sent to branch accounts and branch supplies
The correct entries to record goods transferred to branch from head office is to debit?
A branch stock account and credit goods sent to branch account
B branch supplies account and credit branch stock account
C branch stock account and credit purchases account
D goods sent to branch account and credit branch stock account
The cost method of charging goods to branch is used where?
A branch stock adjustment account is in use
B the retention of branch trading account is in addition to the cost of goods sold
C goods are sent without invoice or any source documents
D goods are of a perishable nature on which a pre-determined price is inapplicable
The transactions relating to liquidation in partnership account is drawn by using?
A current account
B cash account
C capital account
D realization account
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