A pottery company had sales of N176,000 during the current period and a gross profit rate of 40%.
The company's cost of merchandize available for sale during the period was N128,000. The company's ending inventory is?
A
N22,400
B
N32,000
C
N51,200
D
N76,800
Correct Option:
A
No further explanations yet...
2
On Ist January, 1993, lobo Company purchased equipment for N18,000. it uses straight-line depreciation and estimates an eight-year useful life and a N2,000 salvage value. On 31st December, 1996, it sells the equipment for N80,0000. In recording this sales, it should reflect?
A
N10,000 loss
B
N2,000 loss
C
N6,000 gain
D
N8,000 gain
Correct Option:
C
No further explanations yet...
3
The balance on a purchase ledger control account represents the?
A
present amount that a business owes its suppliers at date
B
total credit avaiable to the end of the year to be utilized in future
C
total credit the business enjoyed for the particular year from its suppliers
D
total credit owd the business by its customers
Correct Option:
A
No further explanations yet...
4
A powerful instrument of control over both the sales ledger and the clek whose duty is to post the ledger is the?
A
total debtors account
B
purchase day book
C
sales day book
D
cash book
Correct Option:
C
No further explanations yet...
5
Mini Enterprises Sales Ledger as at 31/12/94
read:
N
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.
A
N40,935
B
N27,961
C
N26,685
D
N1,185
Correct Option:
C
No further explanations yet...
6
Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
A
N7,200
B
N98,800
C
N100,000
D
N105,800
Correct Option:
C
No further explanations yet...
7
Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records.
Total debtors b/f N 5,600
Total cash receipts from debtors
and cash sales N 153,000
Total debtors c/f N 6,800
A
N6,800
B
N153,000
C
N154,200
D
N159,800
Correct Option:
C
No further explanations yet...
8
The statement of affairs prepared from incomplete records can be described as?
A
the summary of all the business transactions of the trader ascertained by the accountant
B
a balance sheet at a particular date showing the assets and liabilities of the business
C
a schedule of all the business ventures entered into for the period to which the records relates
D
the statement that shows the profit or loss made during the period
Correct Option:
B
No further explanations yet...
9
The contribution marginal on a job is the?
A
gross profit
B
net profit
C
excess of sales revnue over variable costs
D
difference between fixed and variable costs
Correct Option:
C
No further explanations yet...
10
The objective of allocating all costs to producer is to?
A
produce a scientifically accurate cost
B
avoid unallocated overhead and compute total accounts
C
co-odinate the cost and financial accounts
D
compute the contribution of the product to the final profit
Correct Option:
D
No further explanations yet...
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