Question 1 of 20 49 total questions
Which of the following gives the correct order in which the listed documents are used?
A debit note, order, delivery note, invoice and statement
B order, delivery note, invoice, debit note and statement
C statement, order, invoice, delivery note and debit note
D invoice, order, statement, debit note and delivery note
RRF as a scheme introduced by the central bank of Nigeria means
A recording and Rediscounting Facility
B refinancing and Recording Facility
C refinancing and Rediscounting Facility
D refinancing and Reinvesting Facility
Most foreign trade transaction are paid for through the use of
A central bank cheques
B bank drafts drawn by commercial banks on their foreign branches
C irrevocable and confirmed letters of credit
D letters of credit authenticated by the embassies of the respective countries
Goods imported into a country for the purpose of re-exporting attracts a rebate known as
A customs draw back
B export royalty
C incentive
D export rebate
In the channel of distribution, which of the following sets is entirely made up of middlemen?
A Wholesalers, retailers and agents
B Manufacturers, consumers and retailers
C Wholesalers, agents and consumers
D Retailers, manufacturers and wholesalers
Given:
A N 155 000
B N 95 000
C N 50 000
D N 30 000
Profit that is expressed as a percentage of the cost of goods sold is referred to as
A margin
B mark-up
C gain percent
D gross profit
Rights issue means the
A issue of shares to the directors of a company on favourable terms
B Issue of shares by a company only to the founders of the company
C right of shareholders to vote on any issue
D issue of shares to shareholders on favourable terms
The financial index which compares current assets directly with current liabilities is known as current
A turnover
B capital
C ratio
D balance
Factoring is a trade debt term used when the agent buys all the trade debts of the
A importers
B exporters
C nation
D customers
A public limited company can raise long-term loans through
A the capital market
B the money market
C bank overdrafts
D discount houses
The nominal value of a share as specified in the Memorandum of Association and the share certificate is the
A discounted value
B stock value
C face value
D par value
When a company uses more of loans than equity to finance its business, the company is said to be
A bankrupt
B solvent
C highly geared
D in a strong liquid position
In the case of a voluntary liquidation of a business the receivers is appointed by the by the
A creditors
B debtors
C directors
D shareholders
The main advantage of a sole trader is the freedom to
A employ anyone he likes
B seek advice from any source
C take quick decisions
D plough all the profits back into the business
One of the implications of the incorporation of a company is that
A it is more difficult for the company to raise loans
B the company can sue but cannot be sued
C the company's property becomes distinguished from that of its members
D its members become liable for all the debts of the company
The merger of two companies producing the same type of products is an example of
A vertical integration
B horizontal integration
C lateral merger
D an acquisition
Which of the following information is contained in the Articles of Association of a limited liability company?
A Rights and obligations of directors
B Objectives of the company
C Amount of share capital
D Limitation of liability of shareholders.
If a partnership deed is silent on how profits are to be shared, partners share profits
A in the ratio of the value of business secured by each partner for the partnership
B in the ratio of partner capital contributions
C in an equal proportion irrespective of partners's capital contributons
D according to duties performed by each partner
Construction activities include the building of houses and roads as well as
A brick laying
B shoe making
C black smithing
D car assembling
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