A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period. How much is the unrealized profit?

• A. N2000
• B. N2500
• C. 12000
• D. 12500

You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except

• A. Unpresented
• B. Dividend
• C. Uncredited cheque
• D. credit transfer

The purpose of profit and loss account is to ascertain

• A. Gross profit
• B. Capital
• C. Expenses
• D. Net profit

The capital of not-for-profit-making organization is referred to as?

• A. entity fund
• B. capital owned
• C. accumulated fund
• D. capital employed

When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

• A. application and allotment account and credit unsubscribed shares
• B. application and allotment account and credit cash
• C. oversubscribed shares and credit allotment account
• D. oversubscribed shares and credit allotment account

In the absence of a partnership deed, the act stipulates that____________

• A. An amount should be fixed as salaries for partners
• B. Profits and losses should not be shared equally
• C. Interest on partner
• D. Interest should not be allowed on partners drawings

The salary of the chief Justice of the Federation is paid from the?

• A. consolidated revenue fund
• B. development fund
• C. contigency fund
• D. special fund

The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?

• A. N6,500
• B. N64,600
• C. N85,380
• D. N514,600

Use the information below to answer question

Goods from head office................N13,400

Returns to head office ...............N118

Rates and insurance paid .............N188

Wages paid ...........................N913

Cash remitted to head office..........N16,625

Stock at 1/1/2000.....................N1,875

Rents paid ...........................N325

Stock at 31/12/2000 ..................N1,975

Sundry expenses ......................N200

What is the total expenses?

• A. N1 875
• B. N1 817
• C. N1 626
• D. N1 426

The instrument isued by the Minister who authorized an officer to incure expenditure is a/an

• A. warrant
• B. budget
• C. imprest
• D. consolidated fund