Question 1 of 20 3,370 total questions
The profit of a branch is usually credited to the
A adjustment account
B head office sales
C head office goods account
D head office current account
In the absence of a partnership deed, the act stipulates that
A an amount should be fixed as salary for partners
B interest on partners loan should be 25%
C interest should not be allowed on partners drawings
D profits and losses should not be shared equally
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
A #150,000
B #160,000
C #170,000
D #180,000
Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch
A #600,000
B #620,000
C #640,000
D #700,000
If goods are sent to to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of #100,000?
A #130,000
B #125,000
C #80,000
D #75,000
In a departmental account, the expenses to be apportioned on the basis of turnover is
A carriage inwards
B returns outwards
C discount recieved
D carriage outwards
In a departmental account, where no basis of apportionment exist, apportionment is
A on profit basis
B according to employee decision
C according to material available
D on equal basis
Given:
A #8000
B #9,500
C #12,500
D #15,500
Social Club Subscription (Extract)
A #14,200
B #16,400
C #18,900
D #20,500
Social Club Subscription (Extract)
A #57,470
B #41,070
C #40,210
D #35,300
Subscription in arrears is treated in the balance sheet of a club as
A current asset
B current liability
C fixed asset
D intangible asset
The value of the sales ledger control account is derived from the summation of
A the total debtors' account
B the total creditors' account
C all day books
D both the debtors'and creditors' accounts
A book of account that possesses the features of both day book and ledger is
A sales day book
B cash book
C purchases day book
D returns day book
The control account is used in facilitating
A the location of errors in the various accounts
B up to date bank transactions
C the payment of debts and liabilities of the firm
D assets distribution with respect to income
2/3 Purchases 900 books at #1,000 each
A #801,000
B #1,100,500
C #1,160,500
D #1,175,500
2/3 Purchases 900 books at #1,000 each
A #285,000
B #300,000
C #570,000
D #600,000
The excess of sales over cost of goods sold is
A gross sales
B gross profit
C net profit
D net sales
Balance sheet (Extract)
A #8,553
B #8,263
C #7,940
D #1,228
Balance sheet (Extract)
A #10,361
B #10,651
C #17,396
D #17,848
If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be
A #700,000
B #240,000
C #220,000
D #202,000
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