Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.
-
Question 441:
Use the information below to answer question .
Debtors.................................₦20
Provision for bad debts..................10%
Provision for discount on debtors........5%
The provision for bad debt is?
Options:
A) ₦2000
B) ₦800
C) ₦3000
D) ₦1900
Show Answer
The correct answer is A .
-
Question 442: Where a company acquires controlling shares of another and the consideration is paid in cash, the entries in the books of the purchases are debit?`
Options:
A) investment and credit cash
B) investment and credit shares
C) purchases and credit cash
D) purchases and credit shares
Show Answer
The correct answer is C .
-
Question 443:
Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
Options:
A) ₦7,200
B) ₦98,800
C) ₦100,000
D) ₦105,800
Show Answer
The correct answer is C .
-
Question 444: Which of the following accounts is debited when a delivery van is sold for cash?
Options:
A) sales account
B) delivery van account
C) cash account
D) profit and loss accounts
Show Answer
The correct answer is C .
-
Question 445:
Given:
Prime cost ₦220,000
Factory cost ₦32,000
Work in progress at beginning ₦25,000
Work in progress at close ₦19,000
Administrative expenses ₦21,000
Determine the production cost
Options:
A) ₦296,000
B) ₦277,000
C) ₦258,000
D) ₦246,000
Show Answer
The correct answer is C .
-
Question 446: The following are the importance of branch account except
Options:
A) it enable the organization to determine the branch that is making either profit or loss
B) it allows proper control over the branch by the head office
C) it assist the organization to determine the performance of a branch manager
D) it allows fraud and wastage of resources
Show Answer
The correct answer is D .
-
Question 447:
A company has departments M and N. The expenses incurred wholly in M is ₦5000. General expenses incurred amount to ₦25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N's share of the expense?
Options:
A) ₦10 000
B) ₦15 000
C) ₦18 000
D) ₦20 000
Show Answer
The correct answer is B .
-
Question 448: If a trail balance is in agreement, one of the statement is untrue
Options:
A) the accounting system is error free
B) equal debit entries and credit entries were recorded for each transaction
C) the debit and credit from the journal were posted to the accounts
D) account balances were correctly computed
Show Answer
The correct answer is A .
-
Question 449: Use the information below to answer questions Maro Merchant Bank plc is to issue ₦500,000 ordinary shares of 50k each at ₦3.00 per share. Applications were received for ₦1,550,000 shares fully paid, ₦1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made? What will be the number of shares to be issued to a subscriber who applied for ₦30,000 shares?
Options:
A) ₦20,000
B) ₦18,000
C) ₦15,000
D) ₦12,000
Show Answer
The correct answer is A .
-
Question 450: One of the purposes of maintaining the account of a branch at the head office is to?
Options:
A) record charges in shareholdings
B) record charges in liabilities
C) check the excesses of customers
D) check the excesses of members of staff
Show Answer
The correct answer is D .