Question 1 of 20 3,370 total questions
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
The major objective of departmental accounts is to ascertain the?
A contribution of each department to profit
B materials sold in each department
C insurance premium payable on employees
D number of employees in each department
The capital of not-for-profit-making organization is referred to as?
A entity fund
B capital owned
C accumulated fund
D capital employed
The subscription paid in advance is treated in the balance sheet of a club as?
A a surplus
B a liability
C a deflicit
D an asset
The major festure of not-for-profit-making-organization is that they are formed?
A to use accumulated fund to described the net amount owed to members
B mainly to improve the welfare of her member
C to engaged in trading activities to sponsor its activities
D in order to compute the receipts and payment account
Work-in-progress is the?
A value of party finished goods
B value of finished goods sold
C sales less cost of goods sold
D value of goods produced
The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?
A prime cost
B indirect cost
C total cost
D direct cost
The cost that are directly traceable to the the goods being produced is?
A party manufactured goods
B overhead cost
C total factory expenses
D prime cost
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