Accountant-general of the federation is responsible for

The addition of prime cost, indirect cost and opening work-in-progress less the closing
work-in-progress will result in cost of

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

Which of the following expenses relates to the profit and loss account of a manufacturing

firm

A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap
value of #9,000The yearly depreciation using the straight line method would be

A partnership's internal regulations are set out by

Which of the following is accounted for in receipts and payment account

The distributable profit available to shareholders at the end of each year is the

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

Sales - #232,000
Opening stock - ₦28,000
Purchases - #128,000
Carriage inwards - ₦4,000
Carriage outwards - ₦6,000
Closing stock - ₦10,000
Discount received - ₦18,000
Expenses - ₦20,000

Calculate the gross profit

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000
owing them The double entry for July 31 would be

The debenture issued at par above the nominal value is said to be issued at a

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Find the opening capital

Alaka who owed Saka #15,000, settled his debt after deducting cash discount of 10percent.
To record the discount in the book of Saka, debit

Given:Opening capital - #50,000
Closing capital - #64,000
Drawings - #16,000

Determine the net profit

Which of the following is the capital reserve of a company

When shares are issued at a discount, entries are to debit

Sales - #232,000
Opening stock - ₦28,000
Purchases - #128,000
Carriage inwards - ₦4,000
Carriage outwards - ₦6,000
Closing stock - ₦10,000
Discount received - ₦18,000
Expenses - ₦20,000
Calculate the expenses debited to the profit and loss
account

A machine bought for #35,000 was estimated to have a life span of 5 years with a scrap
value of #9,000.If the scrap value is presently #15,000 what will be the yearly depreciation
using straight line method?

The total cash and cheques received from customers in a control account is derived from
the

In a partnership account, interest on drawings is

What type of stock valuation would a vegetable seller adopt in valuing it's product?

When there is no basis of apportionment in an organization, the expenses should be
apportioned based on

Accounting information seeks to provide

The estimated profit or loss for a period is calculated by

The issued share capital is the number of shares that are

1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500

Calculate the closing capital

Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.
The gross profit for K is

The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150.
The correct entries for this transaction in the book of the buyer is to debit

I. The amount of the imprest is the same from one organization to
another
II.At the end of a fixed period, the petty cashier received a fixed sum of
money.
III. At the end of a period, the petty cashier is reimbursed with the
amount spent in that period.
IV. The system is a method by which a measure of control is kept on
petty cash expenses.

Which of the above is correct about the imprest
system?

When goods produced are transferrd at cost plus mark-up sale, the difference between the
cost and the transferred price is a

Which of the following items is a capital expenditure?

In manufacturing account, the work-in-progress at the end of the year is

Given:Assets and Liabilities of a Local Government
Bank balance #6,484,000
Cash ₦900,000
General revenue balances #9,774,500
Accrued salaries #1,220,000
Investment in shares #1,480,000
Vehicles #7,620,000

Calculate the liabilities of the local government.

Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000

Direct wages - #30,000
Carriages of raw materials - #10,000

Determine the prime cost

The objective of departmental account is to

I. Direct materials
II.Direct labour
III.Direct expenses
IV. Factory expenses

Prime cost consist of

July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000

owing them The double entry for July 1 would be

Department K Y
Opening stock #2,500 #800
Purchases #120,000 #100,000
Sales #180,000 #200,000
Salaries #8,000 #30,000
Closing stock #3,000 #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.

What is he net profit of Y?

The total credit sales for a period can be extracted from the

Opening stock of raw materials - #75,000
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Calculate the cost of raw materials used

When the debit side total of an account, t means that the account has

Given:Opening capital - #1,500
Capital introduced - ₦500
Profit for the year - ₦800
Cash drawings - ₦250

Calculate the closing capital

Given:Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000

The adjusted capital as at 31/1/2007 is

The amount paid by a new partner on admission as a compensation for the reputation built
up by old partners is a

When a share valued at 50k is issued at #1.59, it is said to be issued at

An instrument which allows public officers to increase expenditure within a year is

Given:
Applications were invited by the directors of Abiodun PLC for 500,000
ordinary shares of #1:00 each at #1:10 per share payable as follows;
On application 46k
On allotment 20k
1st Call 15k
2nd Call 19k

How much is to be paid for application?

The major source document which enables an employer to calculate the employee wages
is the