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Pergunta 1 Relatório
The two leThe two legally recognized professional accounting bodies in Nigeria are the gally recognized professional accounting bodies in Nigeria are the
Detalhes da Resposta
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).
Pergunta 2 Relatório
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
Detalhes da Resposta
Pergunta 4 Relatório
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?
Detalhes da Resposta
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.
Pergunta 5 Relatório
The ordinary shareholders enjoy the following right except the right to
Detalhes da Resposta
Pergunta 6 Relatório
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?
Detalhes da Resposta
Pergunta 7 Relatório
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
Detalhes da Resposta
This concept is called "materiality."
Pergunta 8 Relatório
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
Detalhes da Resposta
- 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.
Pergunta 9 Relatório
The corresponding entry of personal accounts found in the debit side of the cashbook is to
Detalhes da Resposta
Pergunta 10 Relatório
The accounting method that reports incomes when earned and expenses when incurred is called
Detalhes da Resposta
The accounting method that reports incomes when earned and expenses when incurred is called accrual accounting.
Pergunta 11 Relatório
If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to
Detalhes da Resposta
Pergunta 12 Relatório
The excess of income over expenditure is usually transferred to the
Detalhes da Resposta
The excess of income over expenditure is usually transferred to the accumulated fund.
Pergunta 13 Relatório
Capital and revenue expenditures of government are usually accounted for under funds which include
Detalhes da Resposta
Pergunta 14 Relatório
The major objectives of departmental account is to ascertain the
Detalhes da Resposta
Pergunta 15 Relatório
Sales ledger control account contains the total amount in respect of
Detalhes da Resposta
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.
Pergunta 16 Relatório
Which of the following stock valuation method is suitable under inflationary conditions?
Detalhes da Resposta
Pergunta 17 Relatório
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
Detalhes da Resposta
- ₦400
Pergunta 18 Relatório
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover
Detalhes da Resposta
Pergunta 19 Relatório
The issued share capital is the number of shares that are
Detalhes da Resposta
authorized by the shareholders
Pergunta 20 Relatório
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
Detalhes da Resposta
Pergunta 22 Relatório
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
Detalhes da Resposta
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.
Pergunta 23 Relatório
Which of the following is a debit item in the purchase ledger control account?
Detalhes da Resposta
Pergunta 24 Relatório
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
Detalhes da Resposta
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.
Pergunta 25 Relatório
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?
Detalhes da Resposta
The current assets are i and ii (cash at bank and cash in hand).
Pergunta 26 Relatório
The formular for calculating depreciation using straight line method is
Detalhes da Resposta
The formula for calculating depreciation using the straight-line method is: (Cost - Scrap Value) / Useful Life.
Pergunta 27 Relatório
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
Detalhes da Resposta
Pergunta 28 Relatório
Given:
| Bank overdraft | ₦2,000 |
| Cash | 2,000 |
| Furniture | 4,000 |
Derive the total amount on the credit side of the trial balance
Detalhes da Resposta
Pergunta 29 Relatório
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
Detalhes da Resposta
Pergunta 30 Relatório
Recurrent expenditures are expenses for the period not exceeding
Detalhes da Resposta
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
Pergunta 31 Relatório
Forlah, a stock broker bought stationery for ₦12,000 by cash. To record this transaction, debit
Detalhes da Resposta
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).
Pergunta 32 Relatório
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?
Detalhes da Resposta
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.
Pergunta 33 Relatório
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?
Detalhes da Resposta
Pergunta 34 Relatório
The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of
Detalhes da Resposta
Pergunta 35 Relatório
A source document is used for verifying the
Detalhes da Resposta
A source document is used for verifying the amount due from debtors, the amount due to creditors, and the actual cost of an asset.
Pergunta 37 Relatório
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
Detalhes da Resposta
The second final call account was debited with the 12% preference share capital account ₦187,500.
Pergunta 38 Relatório
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
Detalhes da Resposta
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