The use of three column cash book is determined by

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

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.

Sales of drinks...................N212 500

Annual dues.......................N112 000

Determine the opening cash balance of the club?

• A. N3 070
• B. N2 220
• C. N5 710
• D. N4 320

________ is calculated in the manufacturing account

• The production cost paid in the year
• B) The total cost of goods produced
• C) The production cost of goods completed in the period
• D) The gross profit on goods sold Show Answer Post Comment

Given:

Balance at 31st December ............N14,744m

Treasury Bills issued Jan-Dec........N7124m

Revenue for the year ................N6387m

Expenditure .........................N8767m

What is the opening balance on the consolidated revenue fund account?

• A. N10,000m
• B. N12,000m
• C. N90,000m
• D. N11,000m

A financial analyst needs accounts information to

• A) maintain the production section of the business
• B) know why transactions cause increases and decreases in asset
• C) advice on how to manage the business
• D) know how to record transactions in the account

Factory overheads are also known as

• A. direct manufacturing
• B. direct expenses
• C. indirect cost
• D. direct labour

The reason for treating carriage inwards in the trading account is because

• A. it is an expense on goods sold to customer
• B. carriage outwards is an expense item in the profit and loss account
• C. it is an expense on goods purchased
• D. it does not appear in the balance sheet

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

• A. #184, 000
• B. #196,500
• C. #212,000
• D. #168,500

What are the advantages of an imprest petty cash book?

I cheques can be drawn easily

II A cheque on the use of cash

III Liability of the petty cashier is limited to the value of petty cash

IV Loses through the petty cashier can be minimized

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

Given: N Direct material - 10 000 Direct labour - 5000 Direct expenses - 2000 Factory overhead - 4000 What is the prime cost?

• A. N21 000
• B. N 17 000
• C. N 15 000
• D. N 6 000