Use the following information below to answer this question

Five hundred naira monthly is allowed on an imprest system. The following transactions took place

Period 1:₦

Cash advanced to petty cashier 500

Petty cashier paid out: Stamp 200

Newspaper 250

Period 2:

Cash to petty cashier 450

Cashier paid for writing materials 350

How much should the petty cashier receive after period 2?

• A. ₦150
• B. ₦350
• C. ₦250
• D. ₦500

The diary or events in which all financial transactions are recorded for easy reference and to assist in the double entry system is

• A) Ledger
• B) Journal
• C) Purchases and sales day books
• D) Debit and credit documents

Use the information below to answer this question.

Ojo, Sam and Ade are in partnership sharing profit in the ratio 4 : 3 : 1 respectively. Extract from their books for the year ended are

Interest on drawings and capital is allowed 5% respectively and profit for the year amounted to ₦4,950

Sam's share of profit is

• A. 7000
• B. 4921
• C. 3000
• D. 991.8

An income and expenditure account is a summary of

• A. all income and expenditure during a period
• B. revenue income and expenditure during a period
• C. receipts and payments during a period
• D. the trading income a period

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________

• A. Accountant general
• B. Finance minister
• C. Auditor general
• D. Permanent secretory.

Use the following information to answer the question below: What is the value of current liabilities?

• A) ?130,000
• B) ?20,000
• C) ?30,000
• D) ?50,000

Stock valuation is useful because it informs the sales department on the

• A) prices of the competing goods
• B) prices that will affect profitability
• C) number of goods to produce
• D) number of goods to sell

The purchase journal records:

• A) Invoices from creditors
• B) Debtors
• C) Cash payments to suppliers
• D) Amounts owing to employees for wages

LOAN IS 30% OF CREDITORS.

A company has departments S,T and U. The sales are N20 000,20 000, N40 000 AND N60 000 respectively if the sales commission paid is N12 000, how much is T's share?

• A. N8000
• B. N2000
• C. N4000
• D. N6000

In departmental accounting, which is not a transfer pricing_________

• A. cost based transfer price
• B. market based transfer pricing
• C. Dual pricing system
• D. peak pricing