Accounting

The major function of accounting bodies in Nigeria is to?

A. provide proper financial management of businesses B. provide good remuneration to the members C. promote the ethics of the…

5 years ago

Which of the following is a signatory to federal government account?

A. Auditor-General B. Governor of Central Bank C. Accountant-General D. Persident Correct Answer: Option C - Accountant-General

5 years ago

If Aboki Holdings Limited issued 120 000 ordinary share of N2.00 each at market value of 5.50k each; the share premium would?

A. N500 000 B. N450 000 C. N550 000 D. N420 000 Correct Answer: Option D - N420 000

5 years ago

Which of the following accounts for the highest revenue to Nigeria?

A. Import duties B. Personal income tax C. Petroleum income tax D. Company tax Correct Answer: Option C - Petroleum…

5 years ago

The fund in which all government receipt are paid is?

A. consolidated revenue fund B. development fund C. trust fund D. contingency fund Correct Answer: Option A - consolidated revenue…

5 years ago

The founders of a company are?

A. promoters B. shareholders C. canvassers D. stakeholders Correct Answer: Option A - promoters

5 years ago

Goodwill is determined using?

A. capital contribution B. number of partnerd admitted C. the business and customer relations D. number of active partners Correct…

5 years ago

Which of the following can be used on admission of a new partnership?

A. Revaluation account B. Profit account C. Capital account D. Trading account Correct Answer: Option A - Revaluation account

5 years ago

The interest on Keme’s drawings is calculated as?

Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2. Capital - Keme.............N20 000 ........ -…

5 years ago

The interest on Kemi’s capital is?

Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2. Capital - Keme.............N20 000 ........ -…

5 years ago