Accouting

From the following, determine the value of closing stock using:

Feb 1 purchased 200 units @ ₦2.00 each Feb 3 purchased 100 units @ ₦1.00 each Feb 4 issued 120…

5 years ago

In the preparation of account, the owners of the business and the business concerned are treated as?

A. partners B. joint venture C. the same person D. separate legal entities Correct Answer: Option D D. separate legal…

5 years ago

One of the limitations of accounting is that?

A. it ascertain financial position B. it prevents fraud C. transactions are recorded in monetary terms D. it monitors the…

5 years ago

Discount received is apportioned to each department on the basis of?

A. Floor area B. Turnover C. Purchases D. Horse-power Correct Answer: Option C C. Purchases Explanation Discount received suggested basis…

5 years ago

The objective of departmentalization is to?

A. ensure that departmental managers are adequately monitored B. record transactions for each department for better documentation C. tackle any…

5 years ago

A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is?

A. ₦20,000 B. ₦6,000 C. ₦6,174 D. ₦10,000 Correct Answer: Option C C. ₦6,174 Explanation Convert mark-up to margin 25/100=4…

5 years ago

One of the objectives of maintaining the account of a branch at the head office is to?

A. to access the performance of the branches B. check the excesses of customers C. record charges in shareholdings D.…

5 years ago

The instrument issued by the Minister who authorized an officer to incur expenditure is a/an?

A. warrant B. budget C. imprest D. consolidated fund Correct Answer: Option A A. warrant Explanation Warrant is the only…

5 years ago

Which of the following cannot depreciate?

A. plant and machinery B. motor van C. premises D. land Correct Answer: Option D D. land Explanation Land is…

5 years ago

Which of the following is not charged to manufacturing account?

A. Direct expenses B. Factory wages C. Distribution expenses D. Raw materials Correct Answer: Option C C. Distribution expenses Explanation…

5 years ago