Responsibility accounting is particularly concerned with?

• A. histoical accounting
• B. controllable costs
• C. storekeeping
• D. valuation of stock

Prime cost is

• A) Direct cost of production
• B) Cost of raw materials consumed
• C) Cost of raw materials purchased
• D) Indirect cost of production

In a modern day banking system, cash transfer cannot be made where the transferor

• A. has no sufficient cash with the bank
• B. has no account with the bank
• C. does not reside in the bank's country
• D. does not possess the domestic currency

Goods were purchased for resale on credit costing ₦150,000 on 30th September 2008 from Tosanwumi International. The entry to record these transaction is debit

• A. Tosanwumi International, credit purchase Account
• B. Purchase Account ₦150,000, credit Tosanwumi International Account ₦150,000
• C. Credit Account ₦150,000, Credit Tosanwumi International ₦150,000
• D. Tosanwumi International ₦150,000, credit credit Account ₦150,000

(i) Meet growth and diversification need.

(ii) Reach out to particular customers or markets

(iii) Comply with some regulatory directives

(iv) Increase employees' income.

Which of the reasons above do companies consider in establishing branches?

• A. i and ii
• B. i, ii and iii
• C. ii, iii and iv
• D. iii and iv

Given: Cash book balance- #5000 Dishonored cheque- #1000 Direct credit - # 800 Direct debit - # 500 The adjusted cash book balance is

• A. #6,300
• B. #4,300
• C. #3,700
• D. #2,700

Which of the following is not an asset held for the short term?

• A) cash
• B) inventories
• C) trade receivables
• D) computers

Use the information below to answer questions .

Motor Vehicle Account as at 31st December 2001.

Debit:

Jan. 1, cost ................N1950 000

Dec.31, Addition ............ N400 000

Credit:

Jan. 1, Depreciation ........N1360 000

June 30, Sales proceeds...... N700 000

The vehicle sold was purchase on January 1, 1998 at a cost of N1,000 000 and had depreciation at 25% on cost.

What is the actual profit or loss arising from the vehicle disposed of?

• A. N250 000 loss
• B. N50 000 loss
• C. N450 000 profit
• D. N575 000 profit

One basic assumption of the double entry theory is that it allows?

• A. two credit entries at the same time
• B. two debit entries at the same time
• C. debit and credit two credit entries at the same time
• D. debit and credit two credit entries in corresponding account

Calls in advance are treated in the balance sheet as_______

• A. Current asset
• B. Fixed asset
• C. Current liability
• D. Fixed liability