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The Accounting term used to describe a partnership firm that stops operation and disposes its assets is
The purchases ledger control account is also known as
Which of the following expenses is *not* apportined in proportion to turnover?
Which of the following is charged to trading account?
The short term solvency of a company is determined with ------- ratio
The assumption that a business will continue to exist into the foreseeanle future is recognized by a concept called
Shares are said to be authorized when they are
Which of the following is found on the credit side of a profit and loss account?
Current assets are shown in the balance sheet in order of performance as
|
₦ |
|
|
Manufacturing wages |
42,000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1,000 |
|
Purchases |
16,000 |
|
Stock 31/12/16 |
1,400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
What is the value of the indirect manufacturing cost?
|
₦ |
|
|
Manufacturing wages |
42000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1000 |
|
Purchases |
16000 |
|
Stock 31/12/16 |
1400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
The prime cost is
|
₦ |
|
|
Manufacturing wages |
42,000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1,000 |
|
Purchases |
16,000 |
|
Stock 31/12/16 |
1,400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
Calculate the cost of raw materials consumed
The document which is legal charter of a company that defines the limits of a company's field of operation is known as
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
|
₦ |
|
|
Net profit for the year |
90,000 |
|
Interim dividends paid: |
|
|
Ordinary shares |
25,000 |
|
Profit and loss appropriation b/f |
10,000 |
|
Goodwill written off |
1,000 |
At the end of the period, what is the balance of the profit and loss appropriation account?
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of ₦1 each fully paid.
|
₦ |
|
|
Net profit for the year |
90,000 |
|
Interim dividends paid: |
|
|
Ordinary shares |
25,000 |
|
Profit and loss appropriation b/f |
10,000 |
|
Goodwill written off |
1,000 |
The amount of preference shares dividends payable at the end of the year is
When the goods are sold on credit to a buyer, the account receivable account will be
The document issued by a revenue collector as evidence of payment to a government ministry is a
Profit expressed in relation to cost of goods sold is
Which of the following is used in the public sector to monitor or control government expenditure?
The accounting system in which only one aspect of transaction is recorded is