What percentage of interest can partners who advance money or other assets beyond the amount to their capitals entitled to charge per annum, unless otherwise agreed?

• A) 5%
• B) 10%
• C) 15%
• D) 20%

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

• A. Saka's account and credit discount received account
• B. Alaka's account and credit discount received account
• C. Discount received account and credit Alaka's account
• D. Discount allowed account and credit Alaka's account

The major source document which enables an employer to calculate the employee wages is the

• A. nominal roll of employees
• B. record of number of hours worked
• C. effort of the employee
• D. record of number of dependants per employee

Goodwill appears in the books of a business only if it has been

• A. purchased at a certain price
• B. raised in connection with the admission of a new partner
• C. raised to account for the true value of a business on the death of a partner
• D. raised in order to prevent the balance sheet showing that the business is insolvent

The balance on the provision for depreciation account is?

• A. added to fixed assets on the balance sheet
• B. deducted from the fixed assets on the balance sheet
• C. deducted from the profitand loss account
• D. added to current liabilities of the account

Use the following information below to answer this question

Five hundred naira monthly is allowed on an imprest system. The following transactions took place

Period 1:₦

Cash advanced to petty cashier 500

Petty cashier paid out: Stamp 200

Newspaper 250

Period 2:

Cash to petty cashier 450

Cashier paid for writing materials 350

What was the balance of cash with the petty cashier at the end of period 1?

• A. ₦450
• B. ₦300
• C. ₦50
• D. ₦200

A source of revenue that is compulsory payment without any derived benefit is?

• A. fees
• B. taxes
• C. fines
• D. royalties

A basic unifying concept in accounting implies that?

• A. where creditors'account is zero, the assets are equal to the owners' equity
• B. there should be a balance in the creditors' account in order to measure total assets
• C. revenues should be supported by invested and owners'capital
• D. total assets can be less than liabilities and equity

At the end the fiscal year, account receivable has a balance of ?100,000 and allowance for doubtful account has a balance of ?7,000. The expected net realized value of the account receivable is:

• A) ?107,000
• B) ?100,000
• C) ?93,000
• D) ?7,000

The partners capital are: Modibbo #60,000 and Jakata #90,000. The partners share profit and losses in the ratio of their capital contributions. The net profit for the year is #12,000. What is Jakata's sharing profit?

• A. 3:5
• B. 1:2
• C. 2:5
• D. 1:5