Sales ledger control account contains the total amount in respect of

Which of the following stock valuation method is suitable under inflationary conditions?

The ordinary shareholders enjoy the following right except the right to

Capital and revenue expenditures of government are usually accounted for under funds which include

Given:

Depreciation of plant and machinery Factory rent Indirect wages General indirect expenses Lubricants Carriage inwards Factory power Bank charges Carriage outwards

₦ 1,600   650  695  726 1,235  829  350  612 2,900

Determine the total factory overhead cost

The excess of income over expenditure is usually transferred to the

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover

Given:
  ₦
Total debtors b/d 31/12/99  25,000
Cheques received from debtors 255,000
Total debtors c/d 31/12/00  15,000

Calculate the sales figure

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Gross profit b/d Less: Salaries and wages   Electricity   Depreciation   Net profit c/d

Dept A  ₦ 6,000 1,800  ?   600 ? 6,000

Dept B  ₦ 4,000 1,200  ?  ? 1,600 4,000

Total   ₦ 10,000   3,000   2,000   1,000   4,000 10,000

It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

What is the net profit made by department A?

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Gross profit b/d Less: Salaries and wages   Electricity   Depreciation   Net profit c/d

Dept A  ₦ 6,000 1,800  ?   600 ? 6,000

Dept B  ₦ 4,000 1,200  ?  ? 1,600 4,000

Total   ₦ 10,000   3,000   2,000   1,000   4,000 10,000

It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.

The depreciation to be charged to department B is

The accounting method that reports incomes when earned and expenses when incurred is called 

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called

Given:
  ₦
Bank overdraft 2,000
Cash  2,000
Furniture  4,000

Derive the total amount on the credit side of the trial balance

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i. cash at bank  ii. cash in hand  iii. premises  iv. land  v. creditors  vi. loan from friends/bank

Determine the fixed assets

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i. cash at bank  ii. cash in hand  iii. premises  iv. land  v. creditors  vi. loan from friends/bank

What are the current assets?

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A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The share premium account would be

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A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The second final call account was debited with

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to

The major objectives of departmental account is to ascertain the

Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.

From the above, which of the following is delivered to the registrar of companies for incorporation?

The issued share capital is the number of shares that are 

The formular for calculating depreciation using straight line method is

 

The two legally recognized professional accounting bodies in Nigeria are the 

The corresponding entry of personal accounts  found in the debit side of the cashbook is to 

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Zahki Plc balance sheet (extract) as at 31st December 1997.

  ₦ ₦
Paid up capital 200,000 Fixed assets  300,000
Share premium  15,000 
Profit and loss account 60,000  Investment 180,000
Long-term loan 180,000  Stock  28,000
 Debtors  90,000
Creditors  200,000 provision(3000)  87,000
Other current liabilities  100,000  Cash 60,000
 Bank 100,000
  755,000   755,000 

The quick ratio is
 

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Zahki Plc balance sheet (extract) as at 31st December 1997.

  ₦ ₦
Paid up capital 200,000 Fixed assets  300,000
Share premium  15,000 
Profit and loss account 60,000  Investment 180,000
Long-term loan 180,000  Stock  28,000
  Debtors  90,000
Creditors  200,000  provision(3000)  87,000
Other current liabilities  100,000 Cash 60,000
  Bank 100,000
  755,000   755,000 

Determine the owner's equity

The prime cost is the total of the

Recurrent expenditures are expenses for the period not exceeding

A source document is used for verifying the 

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

Determine the adjusted net profit

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At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

The principle of double entry system ensures

The interest on partner's loan is