Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.
-
Question 781:
Tanko Ltd had| Earnings per share 47k |
| Dividends per share 30k |
| Per value of each share N1.20 |
| market price per share NM1.50 |
What will be the price earnings ratio of the company?
Options:
A) N3.91
B) N3.19
C) N2.95
D) N2.55
Show Answer
The correct answer is B .
-
Question 782:
Which of the following is charged to trading account?
Options:
A) rent
B) discount allowed
C) carriage inwards
D) carriage outwards
Show Answer
The correct answer is C .
-
Question 783:
The rules which govern the internal management of a firm and its financial affairs in a partnership business is a
Options:
A) memoransum
B) deed
C) financial regulation
D) bye-law
Show Answer
The correct answer is B .
-
Question 784: When a customer's cheque is returned unpaid in a debtor's control accounting system, the treatment will be?
Options:
A) debit bank, credit custmer and credit conyrol account
B) credit bank, debit customer, and credit control account
C) debit customer, debit control accountand credit bank
D) credit control account, debit bank and debit customer
Show Answer
The correct answer is B .
-
Question 785: The starting point for the production of accounts from incomplete records is to
Options:
A) ascertain the total sales
B) compute the opening stock of goods sold
C) verify the total purchase
D) prepare an opening statement of affairs
Show Answer
The correct answer is D .
-
Question 786: When a business incurs labour cost in installing a fixed asset, the cost is treated as
Options:
A) additional cost to the asset
B) business wages and salaries
C) installation cost of the asset
D) business cost of the asset
Show Answer
The correct answer is A .
-
Question 787:
Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. ₦1,500 ₦1,200
Fixtures ₦700 ₦520
Stock ₦500 ₦600
Debtors ₦900 ₦400
Cash ₦200 ₦300
Liabilities: Creditor ₦500 ₦600
Loan ₦600 ₦400
What is the capital from the opening balance sheet?
Options:
A) ₦3,600
B) ₦2,700
C) ₦2,070
D) ₦1,520
Show Answer
The correct answer is B .
-
Question 788: In the head office ledger, the value of goods sent to the branch are
Options:
A) debited to the head office current account
B) debited to the branch current account
C) credited to the head office current account
D) credited to the branch current account
Show Answer
The correct answer is A .
-
Question 789:
Use the information below to answer question .
Prime cost..................₦12 100
Lighting....................₦10 000
Heating.....................₦15 000
Factory overhead............?
The production department share of factory overhead is 1/4 and 1/2 of lighting and heating respectively.
The factory overhead is?
Options:
A) ₦5050
B) ₦7250
C) ₦2750
D) ₦5500
Show Answer
The correct answer is D .
-
Question 790: Use the information below to answer this question.
A limited liability company has an authorized shares capital of 50 million split into 100 millions shares. 80million shares are offered for subscriptions at 60k per share in full on application. These have been fully subscribed on issue
What is the nominal value of each share
Options:
A) ₦2
B) ₦0.80
C) ₦0.60
D) ₦0.50
Show Answer
The correct answer is D .