Purchasers - #44,880 Sales - #85,850 Trade creditors - #12,250 Trade debtors - #24,000 Accrued expenses - # 350 Prepaid expenses - # 700 Stock 1/1/2006 - #25,120 Stock 31/12/2006 - #27,840 Calculate the acid test ratio

• A. 1:94:1
• B. 1:96:1
• C. 1:1:94
• D. 1:1:96

An economic goods is described as a good which

• A. yields utility and commands a price
• B. is useful and occupies a space
• C. is in high demand and transferable
• D. has unlimited supply

Mamsa Nigeria Limited issued 20 000 ordinary shares of N1.50 per share on 2nd July 2002.

1500 ordinary shares were fully subscribed for and their monies received as below:

On application .........................N0.40

On allotment ...........................N0.20

First call (including premium ofN0.50)..N0.70

What is the balance of the ordinary share capital account after the first call was received?

• A. N300
• B. N1050
• C. N1200
• D. 1950

The problem of double coincidence of wants is that

• A. it is hard to determine the exchange rate of goods
• B. it does not encourage purchase of large quantities and varieties
• C. deferred payment is not possible because goods exchange are not durable
• D. one has to find someone who wants his surplus and also has what he needs

From the words lettered A to D, choose the word that has the same consonant sound(s) Strange

• A. vague
• B. mirage
• C. logic
• D. legume

This question is based on General Literary Principles and Appreciation.

In what type of play would the playwright introduce a comic to relieve tension already built up?

• A. Farce
• B. Comedy
• C. Opera
• D. Tragedy

The application of division of labour would generally bring about

• A. Increase in quantity of goods and services
• B. Increase in variety of goods and services
• C. Cheapness of goods and services
• D. Cost efficiency in the production of goods and series.

Choose the option opposite in meaning to the word(s) or phrase underlined

Chidi is anarmchair critic

• A)amateur
• (B) skilful
• (C) foolish
• (D) uneducated

MUX = PX ( where X and Y = good X and Good Y; MU = Marginal Utility;P= Price)MUY = PY. The above represents the

• A. marginal utility equation
• B. equation for consumer dis-equlibruim
• C. utility maximization equation
• D. equation for total utility

Find the lower quartile of the distribution illustrated by the cumulative frequency curve

• A. 17.5
• B. 19.0
• C. 27.5
• D. 28.0