Transfers from the head office to branches are best carried out at?

• A. cost price
• B. selling price
• C. cost plus mark-up
• D. market price

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

The accounting entries to record a cheque issued by a business is to

• A. debit cash book and credit drawer
• B. credit cash book and debit drawer
• C. debit cash book and credit suspense account
• D. credit cash book and debit suspense account

A discount that is allowed to encourage a debtor to pay off his debt within a period is the

• A. annual discount
• B. trade discount
• C. periodic discount
• D. cash discount

A pension granted to any past president or vice-president shall be charged to the?

• A. consilidation revenue fund
• B. special pension fund
• C. contingency fund
• D. development fund

Eko Local Government expenditure Hospital building ---------------------- N200,000 Drugs ---------------------------------- N180,000 Hospital beds and mattresses ------------ N40,000 Doctors' and nurses' salaries ---------- N120,000 Administrative expenses ----------------- N50,000 Capital expenditure is

• A. N420,000
• B. N380,000
• C. N240,000
• D. N200,000

The issued capital of a company is

• A) Always the same as the authorized capital
• B) The same as preference share capital
• C) Equal to the reserves of the company
• D) None of the above

The objective of departmentalization is to

• A. ensure that departmental managers are adequately monitored
• B. record transactions for each department for better documentation
• C. tackle any recording problem as a result of expansion
• D. evaluate the profit of different departments

Use the information below to answer this question

The partnership agreement between Abba, Baba and Kaka contains the following provision:

(i) 5% interest to be paid on capital and no interest to be charged on drawings

(ii) Profits and losses to be shared in the ratio 3:2:1 respectively

(iii) net profit as at 31/12/95 N 2,250.

.................Abba......Baba.......Kake

Capital..........5000......4000......3000

Current account...250......100.......175

Salary............300......300.......---

Drawings..........600......500........250

Abba's capital balance at the end of the year will be

• A. N5475
• B. N5725
• C. N4400
• D. N5000

In dealing with incomplete record, fixed assets are posted to___________-

• A. Profit and loss account as brought forward figure
• B. Closing balance sheet as carried forward figure
• C. Closing balance sheet as brought forward figure
• D. Profit and loss as carried forward figure