On dissolution, the final distribution of cash to partners is based on?

• A. patnership agreement
• B. Articles os association
• C. goodwill
• D. capital balances

Give: 1. Ascertainment of the particulars of the proposed company II. Preparation of the incorporation documents III. Filling of the documents IV. Registration of the company From the information above, the stages involved in the formation of a company are

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

The beginning and ending accounts receivable balances were N20,000 and N30,000 respectively. The collection from customers during the period was N70,000. What was the total sale on account?

• A. N20,000
• B. N60,000
• C. N80,000
• D. N120,000

Which of the following accounting conventions suggests that accountants should use a method of valuation that understates rather than overstates results?

• A. monetary
• B. cost
• C. conservatism
• D. historical

If cheques of N40 000 were received but a cheque of N8 000 was dishonoured, the amount owed was

• A. N9 000
• B. N20 000
• C. N 1000
• D. N17 000

The Partnership Deed normally specifies?

• A. how profit or losses are to be shared
• B. the capital to be contributed annually
• C. how salaries are paid to employees
• D. the profit that should be earned annually

Given:

Stock of raw materials 1/40............N11 150

Purchases of raw materials.............N112 550

Raw material returned..................N31 150

Stock of Raw materials 31/12/04........N27 150

Calculate the cost of raw materials consumed?

• A. N156 000
• B. N38 300
• C. N183 150
• D. N66 550

Use the information below to answer questions

Given:

Returns inwards............N1500

cash.......................N1550

Discount...................N2850

Capital....................N3800

Debtors....................N900

Sundry.....................N?

The value of sundry expenses is 150% of returns inwards plus 50% of debtors.

The total of the trial balance is?

• A. N6600
• B. N6650
• C. N5600
• D. N5900

Partners’ share of profit is credited to

• A) a partner
• B) a partner
• C) the profit and loss account
• D) the profit and loss appropriation account

Which of the following are personal accounts?<br> i. Land and buildings<br> ii. Salaries and wages<br>iii. Debtors<br> iv. Creditors<br>

• A) i and ii only
• B) ii and iii only
• C) iii and iv only
• D) ii and iv only