Manufacturing costs can be classified based on?

• A. timing of charges degree of averaging and size of capital
• B. degree of averaging, ease of traceability and timing of charges
• C. degree of averaging, size of floor space occupied and cost accounts
• D. number of employees, timing of charges and management style

Use the information below to answer questions

Jan. 1 Received 1,000 units at N10 each

Jan. 2 Received 2,000 units at N12 each

Jan. 3 Issued 1,500 units

Jan. 4 Received 1,000 units at N11 each

Jan. 5 Issued 1,000 units

Using FIFO method, what is the value of the closing stock?

• A. N34,000
• B. N29,000
• C. N17,000
• D. N12,000

Wages of machine operators in manufacturing account are treated as

• A. indirect expenses
• B. direct expenses
• C. direct labour
• D. indirect labour

Income and expenditure account is more detailed than receipts and payments account because it disclosed

• A. cash
• B. cheques
• C. debtors
• D. stocks

The effect of transaction when cash is paid into the bank is?

• A. bank balance decrease and cash balance increase
• B. cash balance decrease and bank balance increase
• C. bank balance decrease and cash balance decrease
• D. cash balance increase and bank balance increase

In an incomplete record, the preparation of the bank reconciliation ensures that?

• A. all cash taking are banked
• B. the cash book is correct
• C. there are no overdrafts
• D. there are no hidden loans

Which of the following are sources of revenue to state government in Nigeria? I Statutory allocation II Fines from customary courts III Petroleum tax IV Income tax

• A. I and II only
• B. II and III
• C. I and IV
• D. III and IV

Posting the transactions in bookkeeping means

• A) making the first entry of a double entry transaction
• B) entering items in a cash book
• C) making the second entry of a double entry transaction
• D) something other than the above

Maro Merchant Bank plc is to issue N500,000 ordinary shares of 50k each at N 3.00 per share. Applications were received for N1,550,000 shares fully paid, N1,250,000 shares are to be issued on a pro rata basis and excess subscriptions were dishonored and refunds made? The refund due to an application for N25,000 shares is?

• A. N45,000
• B. N30,000
• C. 7,500
• D. N5,000

Which of the following would not be included in a balance sheet?

• A) Accounts receivable
• B) Accounts payable
• C) Sales
• D) Cash