The ordinary shareholders enjoy the following rights except the right to?

• A. vote at annual general meetings
• B. elect the board of directors
• C. participate in additional issues of shares
• D. receive dividends at a preddetermined rate

Which of these is a content of a master file?

• A. All records relevant to the organisation.
• B. Records of assets of the organisation
• C. A collection of data items
• D. All records relating to employees

The starting point for the production of accounts from incomplete records is to

• A. ascertain the total sales
• B. compute the opening stock of goods sold
• C. verify the total purchase
• D. prepare an opening statement of affairs

Given:

If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?

• A. #25,650
• B. #22,800
• C. #19,950
• D. #18,240

Use the information below to answer questions below;

A company advertised and issued N750,000, 12% preference shares of N1 each to be issued at N1.50 per share. Applications for N1,370,000 were received at 30k per share. 70k per share (including premium) was due om 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 were allotment shares on pro-rata basis.

The share premium account would be?

• A. credited with application and allotment N187, 500
• B. debited with appllication and allotment N375,000
• C. credited with application and allotment N375, 000
• D. debited with application and allotment N187, 500

An officer that is charged with the responsibility of carrying out investigations on the book of accounts to show the true and fair view is

• A. Ministry of Finance
• B. Accountant General
• C. Revenue office
• D. Auditor General

Use the information to answer question .

A piece of equipment costing N120,000 was purchased on 1/1/1996. Depreciation was provided at 20% per annum on a straight-line basis. it was sold on 30/6/1999 for N31,500.

The accumulated depreciation provision at the time of sale was?

• A. N12 000
• B. N60 000
• C. N72 000
• D. N84 000

The basic role of accounting is to?

• A. detect fraud
• B. attest to financial statements
• C. measure performance
• D. protect shareholders

In the head office ledger, the value of goods sent to the branch are____________

• A. Debited to the branch current account
• B. Debited to the head office current account
• C. Credited to the head office current account
• D. Credited to the branch current account

Which of the following item is found on the credit side of the sales ledger control account?

• A. Discount received
• B. Dishonoured cheques
• C. Credit sales
• D. Bills receivable