Financial Accounting — 2009

Which of the following books of original entry is used to record all payments and receipt by cash or cheque?

As a basis for assessing future usage, fixed assets are shown at

In the absence of an agreement, partners share profits

Subscription prepared by members is recorded in the balance sheet of a club as a

The reduction in value of an intangible asset is

Which of the following is not part of the cost of production

Rent is apportioned each department on the basis of

A document which acknowledge that a company owes a person a stated sum of money with an agreement to pay a fixed rate of interest periodically is

Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 3105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\) What is the value of raw materials used?

Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 3105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\) What is the prime cost???

Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hline \text{Purchase of raw materials} & 236,500\\ \text{Returns of raw materials} & 4,750\\ \text{Carriage on raw materials} & 44,000\\ \text{Stock of raw materials at close} & 39,500 \\ \text{Factory fuel} & 3150,000\\ \text{Direct wages} & 205,000\\ \text{Indirect wages} & 31, 250\\ \text{Factory power} & 105,000\\ \text{Work-in-progress at start} & 32,500\end{array}\) The total factory overhead is

"Financial statements do not a disclose all information users need to know about a firm" This is the concept of

Which of the following is not a source of revenue for local government?

A difference between the debit and credit totals in a trial balance is placed in

A three column cash book contains column for

The total debtors account of trading concern is N13,000. out of this 2% is irrecoverable, 5% of the balance is not like to be collected. What is the provision for doubtful debts?

Which of the following is not part of factory overhead?

Cost of extension to a factory building is classified as

Which of the following does not appear in a bank statement?

The purchase of a typewriter for office use for ₦2,000 is debited to

The document making a public offer for he sale of a company's share is

Programs installed in computers to facilitate processing of data are

In a not for profit making organization, the excess of income over expenditure is

The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, what is the amount of preference dividend and recommended ordinary divided of Le 0.10 per share

The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, What is the amount of the share premium?

The authorized capital of city entertainment company is made up of 200,000 2\(\frac{1}{2}\)% preference shares of Le 60 each and 300,000 ordinary shares have been issued at Le 30 each and fully paid. All the preference dividend and recommended ordinary divided Le 0.10 per share. Using the following information, the value of the ordinary share capital to be stated in the balance sheet is

The petty cash book has

Credit sales was debited to A. Akpan instead of B. Akpan. This is an error of

A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net profit or loss on the sale was

A motor car costing D100,000 was depreciated at 20% per annum by the diminishing balance method. Two years later, it was sold for D60,000. Using the information, the net book value at the time of sales is

A service which a firm has enjoyed, but has not yet been paid for is

Which of the following is not part of the double entry system?

In the balance sheet, the balance on the provision for Depreciation Account shown as

S. Sule sets aside from his private funds ₦20.000 is referred to as

An article cost N1,800 and is sold at a gross profit of 20% on selling price. What is the selling price?

Which of the following are Personal Accounts? i. wages ii. debtors ii. creditors iv. buildings

Prepayment is treated in the balance sheet of firm as a

Which of the following is found in a Sales Ledger Account?

The authority of the Accountant-General to disburse from government fund is

Use the following information to answer the given question \(\begin{array}{c|c} & Dr & Dr & \text{Balance}\\ \hline & ₦ & ₦ & ₦ \\ \text{2/1/06 Balance b/d} & & & 2,000 \\ \text{3/1/06 '23456'} & 500 & & 1,500\\ \text{4/1/06 Deposit} & & 1,000 & 2,500\\ \text{5/1/06 Deposit} & & 1500 & 4,000\\ \text{6/1/06 '23457'} & 3,000 & & 1,000\end{array}\) Total withdrawal is

The depreciation on plant acquired by a manufacturing company is treated as

As evidence of payment to a government treasury, revenue collectors issue

Hardware in data processing refers to

Which of the following is a self-balancing account?

A medium of imputing data into the computer is through the use of the

Which of the following is debited to partner's current account?

Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, In Dania's books, to record the payment of ₦30,505 cr.40,005 by Abu

Abu, a debtor to Dania, owed ₦10,500 at the start of the month. He paid cash of ₦40,005 during the month and received additional credit sales of ₦20,000.Using the information, Abu's balance at the end of the month is

A debenture holder is a

A stock as a form of capital of a company comprises