Expenses on repair of motor vehicle was posted to motor vehicle account. This is an error of

• A) Omission
• B) Complete reversal
• C) Principle
• D) Compensation

The amount of each invoiced goods sent to the branch is debited to?

• A. branch expense account and credited to branch debtors' account
• B. branch stock account account and credited to the goods sent to branch account
• C. branch debtors' account and credited to branch expense account
• D. goods sent to branch expense account

The manufacturing account is prepared to determine the cost of ______.

• A) trading
• B) production
• C) factory overhead
• D) raw materials used

Prime cost include

• A) cost of oil to lubricate machines
• B) carriage inwards
• C) factory heating and lighting
• D) storekeeper

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

• A. prospectus
• B. memorandum of association
• C. company law
• D. articles of association

The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?

• A. debit side of manufacturing and profit and loss account
• B. debit side of profit and loss account only
• C. credit side of profit and loss account only
• D. debit side of manufacturing and balance sheet

Total production cost- #360,000 Factory overhead cost- #56,000 Selling price per unit- # 120 Production volume 4000 units Determine the value of prime cost

• A. #416,000
• B. #304,000
• C. #240,000
• D. #184,000

The quick ratio is

• A. 1:2
• B. 1:3:1
• C. 1.7:1
• D. 3:1

Boro Limited apportion 1/6 of its rent for factory and 10% of the balance for warehouse. If rent paid is N48 600, how much is paid for warehouse?

• A. N4000
• B. N6000
• C. N10000
• D. N8000

If a gross profit stays high, but net profit falls this implies that

• A) The market is becoming saturated
• B) Competitive pressures are increasing
• C) The expenses of the business may be rolling too rapidly
• D) The expenses of the business are firmly under control