The addition of prime cost, indirect cost and opening work- in-progress less the closing work-in-progress will result in cost of

• A. goods manufactured
• B. materials put into production
• C. goods available for sale
• D. goods sold

One of the purposes of maintaining the account of a branch at the head office is to?

• A. record charges in shareholdings
• B. record charges in liabilities
• C. check the excesses of customers
• D. check and monitor the growth of individual branches

What is the amount of capital employed?

• A. ?7000
• B. ?10000
• C. ?22000
• D. ?15000

Use the following information to answer the question below. Given the following:<br> Debtors as at 1st March: ?40,000<br> Creditors as at 1st March:?55,000<br> Cash received from debtors during the month: ?250,000<br> Cash paid to creditors during the month: ?180,000<br> Debtors as at 31st March: ?60,000<br> Creditors as at 31st March: ?35,000<br> What is the sales value for the month of March?

• A) ?270,000
• B) ?207,000
• C) ?310,500
• D) ?215,000

Use the information below to answer questions

Jan. 1 Received 1,000 units at N10 each

Jan. 2 Received 2,000 units at N12 each

Jan. 3 Issued 1,500 units

Jan. 4 Received 1,000 units at N11 each

Jan. 5 Issued 1,000 units

What is the value of closing stock using simple average?

• A. N11,500
• B. N17,000
• C. N16,500
• D. N28,500

The stock valuation data is important because it enables management to?

• A. separate debtors from creditors
• B. determine the cost of stock at the end of business
• C. determine the cost of stock at the beginning of business
• D. determine the total cost of goods purchased

The principle of double entry developed from the axioms of accounting equation is given as

• A. Liabilties + Equity = Net assets
• B. Assets + Equity = Liabilities
• C. Liabilities + Equity = Assets
• D. Assets + Liability = Equity

Which of these items would be accounted for as an expense?

• A) repayment of a bank loan
• B) dividends to stockholders
• C) the purchase of land
• D) payment of the current period

Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?

• A. Error by the bank
• B. Undercasting of the cash book
• C. Overcasting of the cash book
• D. Bank service charges

The Auditor General of the Federation can be removed by the?

• A. National Assembly
• B. Chief Justice
• C. The president
• D. Head of Service