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Vraag 1 Verslag
Which of the following is a debit item in the purchase ledger control account?
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Vraag 3 Verslag
Use the information below to answer this question
A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.
The share premium account would be
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The share premium account would be credited with the application and allotment of ₦375,000. This can be calculated as follows: - Total amount received for the 1,250,000 shares allotted: 70,000 x 1,250,000 = ₦87,500,000 - Total amount received for the 120,000 shares refunded: 30,000 x 120,000 = ₦3,600,000 - Total premium received: ₦87,500,000 + ₦3,600,000 = ₦91,100,000 - Total premium received per share: ₦91,100,000 / 1,250,000 = ₦72.88 - Premium received in excess of the issue price: ₦72.88 - ₦15 = ₦57.88 - Total premium received in excess of the issue price: ₦57.88 x 1,250,000 = ₦72,350,000 - The share premium account would be credited with the application and allotment of ₦72,350,000.
Vraag 4 Verslag
Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.
From the above, which of the following is delivered to the registrar of companies for incorporation?
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i, ii, and iii are typically delivered to the registrar of companies for incorporation. The memorandum of association outlines the purpose and objectives of the company, the names of the initial members, and the authorized share capital of the company. The articles of association set out the rules and regulations for the internal management of the company, including matters such as the appointment of directors, the conduct of meetings, and the distribution of profits. The incorporation documents include the memorandum and articles of association, along with other documents required by law, such as declarations of compliance and notices of appointment of directors. These documents are used to formally register the company with the relevant authorities and establish it as a separate legal entity.
Vraag 5 Verslag
The corresponding entry of personal accounts found in the debit side of the cashbook is to
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Vraag 6 Verslag
Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit
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The correct way to record this transaction is to debit stationery and credit cash. This is because when a stock broker buys stationery for cash, the company's stationery account increases (debit) and the company's cash account decreases (credit).
Vraag 7 Verslag
Sales ledger control account contains the total amount in respect of
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The sales ledger control account contains the total amount in respect of debtors, who are individuals or companies that owe money to a business for goods or services they have purchased on credit. The sales ledger control account is used to track the amounts owed to the business by its customers and is an important part of a business's financial record-keeping system.
Vraag 8 Verslag
Given:
| Depreciation of plant and machinery | ₦1,600 |
| Factory rent | ₦650 |
| Indirect wages | ₦695 |
| General indirect expenses | ₦726 |
| Lubricants | ₦1,235 |
| Carriage inwards | ₦829 |
| Factory power | ₦350 |
| Bank charges | ₦612 |
| Carriage outwards | ₦2,900 |
Determine the total factory overhead cost
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Vraag 9 Verslag
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover
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Vraag 10 Verslag
Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.
| ₦ | ₦ | ||
| Paid up capital | 200,000 | Fixed assets | 300,000 |
| Share premium | 15,000 | ||
| Profit and loss account | 60,000 | Investment | 180,000 |
| Long-term loan | 180,000 | Stock | 28,000 |
| Debtors | 90,000 | ||
| Creditors | 200,000 | provision(3000) | 87,000 |
| Other current liabilities | 100,000 | Cash | 60,000 |
| Bank | 100,000 | ||
| 755,000 | 755,000 |
The quick ratio is
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Vraag 11 Verslag
Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called
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This concept is called "materiality."
Vraag 12 Verslag
The accounting method that reports incomes when earned and expenses when incurred is called
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The accounting method that reports incomes when earned and expenses when incurred is called accrual accounting.
Vraag 13 Verslag
The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of
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Vraag 14 Verslag
The two leThe two legally recognized professional accounting bodies in Nigeria are the gally recognized professional accounting bodies in Nigeria are the
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The two legally recognized professional accounting bodies in Nigeria are the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN).
Vraag 15 Verslag
Given:
| Bank overdraft | ₦2,000 |
| Cash | 2,000 |
| Furniture | 4,000 |
Derive the total amount on the credit side of the trial balance
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Vraag 18 Verslag
Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.
| ₦ | ₦ | ||
| Paid up capital | 200,000 | Fixed assets | 300,000 |
| Share premium | 15,000 | ||
| Profit and loss account | 60,000 | Investment | 180,000 |
| Long-term loan | 180,000 | Stock | 28,000 |
| Debtors | 90,000 | ||
| Creditors | 200,000 | provision(3000) | 87,000 |
| Other current liabilities | 100,000 | Cash | 60,000 |
| Bank | 100,000 | ||
| 755,000 | 755,000 |
Determine the owner's equity
Vraag 19 Verslag
Use the information below to answer this question:
i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank
Determine the fixed assets
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- iii and iv (premises and land) are considered fixed assets. Fixed assets are long-term tangible assets that a company uses to produce income and are not expected to be converted into cash within the normal operating cycle of the business. They are usually held for a period of more than one year and are not intended for sale in the ordinary course of business.
Vraag 20 Verslag
If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?
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Vraag 21 Verslag
Which of the following stock valuation method is suitable under inflationary conditions?
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Vraag 22 Verslag
Use the information below to answer this question:
i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank
What are the current assets?
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The current assets are i and ii (cash at bank and cash in hand).
Vraag 24 Verslag
Given:
Lankoh Company Ltd
| ₦ | |
| Stock | 3,600,000 |
| Cash at hand | 800,000 |
| Cash in bank | 2,400,000 |
| Debtors | 580,000 |
| Trade creditors | 920,000 |
| Bank overdraft | 200,000 |
| Tax liabilities | 600,000 |
| Salary owed to staff | 180,000 |
What is the working capital?
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Vraag 25 Verslag
Recurrent expenditures are expenses for the period not exceeding
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Recurrent expenditures are expenses that are incurred repeatedly over a short period of time, typically within one fiscal year. So, the correct answer would be: - 1 year
Vraag 26 Verslag
Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.
The revenue to be added as an adjustment is
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Vraag 27 Verslag
The formular for calculating depreciation using straight line method is
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The formula for calculating depreciation using the straight-line method is: (Cost - Scrap Value) / Useful Life.
Vraag 28 Verslag
The issued share capital is the number of shares that are
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authorized by the shareholders
Vraag 29 Verslag
The excess of income over expenditure is usually transferred to the
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The excess of income over expenditure is usually transferred to the accumulated fund.
Vraag 30 Verslag
Capital and revenue expenditures of government are usually accounted for under funds which include
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Vraag 31 Verslag
If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to
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Vraag 32 Verslag
Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of
₦180,000 it is however discovered that revenue of
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.
Determine the adjusted net profit
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Vraag 33 Verslag
Given:
| ₦ | |
| Total debtors b/d 31/12/99 | 25,000 |
| Cheques received from debtors | 255,000 |
| Total debtors c/d 31/12/00 | 15,000 |
Calculate the sales figure
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To calculate the sales figure, we need to determine the amount that was received from the debtors. We can do this by subtracting the total debtors b/d 31/12/99 from the total debtors c/d 31/12/00 and adding the cheques received from debtors. ((15,000 - 25,000) + 255,000) = 245,000 So, the sales figure is ₦245,000.
Vraag 34 Verslag
A source document is used for verifying the
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A source document is used for verifying the amount due from debtors, the amount due to creditors, and the actual cost of an asset.
Vraag 35 Verslag
Use the information below to answer the question
| Dept A ₦ |
Dept B ₦ |
Total ₦ |
|
| Gross profit b/d | 6,000 | 4,000 | 10,000 |
| Less: Salaries and wages | 1,800 | 1,200 | 3,000 |
| Electricity | ? | ? | 2,000 |
| Depreciation | 600 | ? | 1,000 |
| Net profit c/d | ? | 1,600 | 4,000 |
| 6,000 | 4,000 | 10,000 |
It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
What is the net profit made by department A?
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To find the net profit made by Department A, we need to determine the values of the missing amounts in the table. According to the tradition of the organization, expenses are apportioned in the proportion 60%:40% for A and B respectively. We can use this information to calculate the missing amounts in the table: - Salaries and wages: ₦3,000 x 60% = ₦1,800 for Department A, and ₦3,000 x 40% = ₦1,200 for Department B. - Electricity: ₦2,000 x 60% = ₦1,200 for Department A, and ₦2,000 x 40% = ₦800 for Department B. - Depreciation: ₦1,000 x 60% = ₦600 for Department A, and ₦1,000 x 40% = ₦400 for Department B. Now that we have determined the values of the missing amounts, we can calculate the net profit made by Department A: Gross profit: ₦6,000 Less: Salaries and wages: ₦1,800 Less: Electricity: ₦1,200 Less: Depreciation: ₦600 Net profit: ₦6,000 - ₦1,800 - ₦1,200 - ₦600 = ₦2,400 Therefore, the net profit made by Department A is ₦2,400.
Vraag 36 Verslag
Use the information below to answer this question
A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.
The second final call account was debited with
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The second final call account was debited with the 12% preference share capital account ₦187,500.
Vraag 37 Verslag
The ordinary shareholders enjoy the following right except the right to
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Vraag 38 Verslag
Use the information below to answer the question
| Dept A ₦ |
Dept B ₦ |
Total ₦ |
|
| Gross profit b/d | 6,000 | 4,000 | 10,000 |
| Less: Salaries and wages | 1,800 | 1,200 | 3,000 |
| Electricity | ? | ? | 2,000 |
| Depreciation | 600 | ? | 1,000 |
| Net profit c/d | ? | 1,600 | 4,000 |
| 6,000 | 4,000 | 10,000 |
It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
The depreciation to be charged to department B is
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- ₦400
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