The assumption that a business will continue to exist into the foreseeanle future is recognized by a concept called

• A. matching
• B. business entity
• C. going concern
• D. historical cost

Given ₦

Stock (1/4/94) 800

Purchases of flour 2,450

Sales 4,745

Wages of bakery staff 675

Carriage outwards 50

Salary of administrative staff 225

Stock (31/3/95) 940

Capital 1,540

Calculate the cost of goods sold.

• A. ₦3,925
• B. ₦3,250
• C. ₦2,985
• D. ₦2,575

Which of the following is recorded in the folio column of the journal?

• A. particulars of transactions
• B. date of entries
• C. all credit and cash sales transactions
• D. amount of money posted

Bola, UTC's regular customer, owed N1,00 on account of a radio bought. If he sent in a cheque for N1,500, UTC would send him a

• A. credit note
• B. debit note
• C. journal voucher
• D. way bill

A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?

• A. 35%
• B. 30%
• C. 20%
• D. 15%

Given: Capital at the beginning: N20,000 Drawings: N3,000 Capital at end: 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

Given:

Opening capitaL................N7 000

Additional capital.............N3 500

Net............................N2 500

Closing........................N10 250

The drawings for the period stand at?

• A. N2570
• B. N3750
• C. N2500
• D. N2570

The cost method of charging goods to branch is used where?

• A. branch stock adjustment account is in use
• B. the retention of branch trading account is in addition to the cost of goods sold
• C. goods are sent without invoice or any source documents
• D. goods are of a perishable nature on which a pre-determined price is inapplicable

The use of a three column cash book is determined by

• A. cash discount
• B. trade discount
• C. cash transaction
• D. Bank transaction

The details of the share capital which a company is authorized to issue is contained in the

• A. Articles of Association
• B. Companies and Allied Matters Act
• C. Memorandum of Association
• D. Share capital certificate