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Departmental accounts re maintained to ascertain the
Aprofits of the entire organization
Bcontribution of each department
Cexpenses of each department
Dsales of each department
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Question 772
jamb1995
The measure of a company's ability to pays its debts quickly is called
ACurrent ratio
Bturnover ratio
Cacid test ratio
Dreturn of investment
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Question 773
jamb1995
A total of 400,000 shares of N1 each are to be issued by Sariki company Ltd at a price of N1.20 per share. Application were received for 600,000 shares out of which 100,000 were dishonored. If the available share were distributed pro-rata, what refund will be due a subscriber who applied for 5,000 shares?
AN1,000
BN1,200
CN4,800
DN6,000
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Question 774
jamb1995
Which of the following ratios gives an idea of the liquidity of a firm?
ATurnover ratio
BQuick ratio
CDebit ratio
DDividend yield
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Question 775
jamb1995
The conversion of a partners business into a limited liability company affords the
Ageneral partners the chance of enjoying the limited laibility protection
Blimited liability partners the chance of enjoying the limited liability protecction
CCreditors the chance of enjoying the limited liabiity protection
Ddebtors the chance of enjoying the limited liability protection
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Question 776
jamb1995
Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Hamed's share of the profit should be
Acredited to partners' capital account
Bcredited to partners' current account
Ccredited to appropriation account
Ddebited to partners' drawing account
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Question 777
jamb1995
Halidu and Hamed are business partners with N30,000 and N20,000 capital respectively. At the end of the financial year, a profit of N12,000, which included Halidu's salary of N3,000 was made.
Halidu's share of the profit is
AN7,500
BN6,000
CN5,400
DN4,500
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Question 778
jamb1995
A partnership on admitting a new member, revalued the business' land and building from N30,000 to N70,00. The difference of N40,000 should be
Acredited to land and building account
Bdebited to asset revaluation account
Ccredited to asset revaluation account
Dcredited to profit and loss appropriation account
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Question 779
jamb1995
Interest on a partner's drawings is debited to the
APartners current account and credited to the profit and loss appropriation account
Bprofit and loss appropriation account and credited to the partner's current account
Cprofit and loss account and credited to the partner's current account
DPartner's current account and credited to the profit and loss account
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Question 780
jamb1995
Which of the following is a strong feature of partnership?
AThe life of the partnership is generally assumed to be indefinite
BThe owners are liable personally for all debts of the business
CThe transfer of ownership interest is frequent and easy to accomplish
DThe partnership is complex to form because of many legal and reporting requirements
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Question 781
jamb1995
A member of a club paid N1,000 as is subscription for 1993 and N1,200 as subscription for 1992. If the financial year of the society ended on 31st December 1993, the N1,200 subscription will be treated in the balance sheet as
Acurrent asset
Bcurrent liability
Ccapital
Dprofit
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Question 782
jamb1995
Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the
Aappropriation account
Bbalance sheet
Cincome and expenditure account
Dreceipts and payment account
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Question 783
jamb1995
Subscription in arrears are
ACredited to the income and expenditure account and shown as a liability in the balance sheet
Bdebited to the income and expenditure account and shown as an asset in the balance sheet
Ccredited to the income and expenditure account and shown as a liability in the balance sheet
Ddebited to the income and expenditure account and shown as a liability in the balance sheet
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Question 784
jamb1995
The following information is provided for amusa company limited , a manufacturer
Prime cost N999,000
Manufacturing overhead N132,000
Closing work in progress N75,000
values of finished goods transferred to the
trading account N1,116,000
If including in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?
AN85,000
BN80,000
CN70,000
DN65,000
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Question 785
jamb1995
The factory cost of producing goods is made up of
Aprime cost and factory overhead
Bprime cost and office overhead
Craw materials consumed and fixed cost
DRaw materials and administrative overhead
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Question 786
jamb1995
Given:
Prime cost N220,000
Factory cost N32,000
work in progress at beginning N25,000
work in progress at close N19,000
Administrative expenses N21,000
Determine the production cost
AN296,000
BN277,000
CN258,000
DN246,000
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Question 787
jamb1995
I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
The net profit for the year is
AN5,750
BN5,650
CN3,200
DN2,300
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Question 788
jamb1995
I. A retailer when fixing his selling price adds one-quarter to the cost of the article
II. The expenses of the retailer is 10% of his sales
III. The total sales is N23,000
IV. he turned over his stock five times in the year.
Compute the average amount of stock in hand at cost price
AN3,860
BN3,806
CN3,680
DN3,086
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Question 789
jamb1995
The starting point for the production of accounts from incomplete records is to
Aascertain the total sales
Bcompute the opening stock of goods sold
Cverify the total purchase
Dprepare an opening statement of affairs
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Question 790
jamb1995
The purchase ledger control account of a company had an opening balance of N45,600 credit and closing balance of N72,600 credit. The company made payments of 437,000 to credit suppliers during the period: and had discount received of N18,600 on this account. What were the credit purchase for the period?
