Fiyinfoluwa Motors bought three Toyota Hilux vans on cash at the cost of ₦6,000,000 on debiting the vehicle account, the corresponding credit for the purchase will appear in the

• A. sales day book
• B. cash book
• C. sales subsidiary book
• D. purchase day book

The gross loss on manufacturing is always transferred to the?

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

The following are importance of branch account except

• A. it allows fraud and wastage of resources
• B. it assist the organization to determine the performance of a branch manager
• C. it enable the organization to determine the branch that is making either profit or loss
• D. it allows proper control over the branch by the head office

Use the information below to answer this question

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of ₦180,000 it is however discovered that revenue of ₦15,000 is recorded as expenses while expenses of ₦4,000 is recorded as revenue.

The revenue to be added as an adjustment is

• A. ₦34,000
• B. ₦4,000
• C. ₦30,000
• D. ₦15,000

Given: Capital at the beginning...............N20 000 Drawings...............................N3 000 Capital................................N30 000 New capital introduced.................N8 000 What is the profit for the period?

• A. N4 000
• B. N5 000
• C. N6 000
• D. N8 000

Use the information above to answer questions

Lighting..................N2925

Rent......................N2640

Salary....................N4050

The expenses are for three different product:

Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.

Find the salary charged to Zera product?

• A. N1854
• B. N1845
• C. N1062
• D. N1134

In a petty cash book the imprest is N1380. Expenses: Stationery N350 Cleaning material N335 General expenses N265

How much was received to maintain the imprest at the ends of the month?

• A. N950
• B. N970
• C. N430
• D. N380

The amount of subscriptions accrued is reported in the balance sheet under

• A. fixed cost
• B. current asset
• C. long term liability
• D. current liability

The cost price method is applicable when_____

• A. Goods are sold at specific prices
• B. goods are perishable
• C. goods attract different gross profit percentage
• D. to disclose gross profit or loss

Use the information below to answer question 28 and 29. Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500. What was the total purchases made during the period?

• A. N497,100
• B. N457,700
• C. N449,500
• D. N440,300