2/3 Purchases 900 books at #1,000 each

4/3 Purchases 590 books at # 950 each

15/3 Sales 300 books at #900 each

Calculate the cost of goods available for sale using LIFO

• A. #801,000
• B. #1,100,500
• C. #1,160,500
• D. #1,175,500

When a share valued at 50k is issued at #1.59, it is said to be issued at

• A. par
• B. premium
• C. discount
• D. interest

Use the information to answer this question

Date.............Details........................

Feb........1 Purchased 400 units at N1.00 each

,, ........5 Purchased 200 units at N2.00 each

,,.........10 Purchased 200 units at N300 each

,, .........15 Issued 320 units

,,..........20 Issued 200 units at N4,00 each

,,..........25 Issued 120 units

Calculate the price per unit of closing stock using the periodic weighted average method.

• A. N3.20
• B. N3.00
• C. N2.20
• D. N2.00

The balance unearned rent account for Jones Co. as at 31st Dec. is 1,200. If Jones Co tailed !o record the adjusting entry for 600 of rent earned during December, the effect on the balance sheet and income statement for December is:

• A) Liabilities overstated: ?600; net income overstated: ?600
• B) Liabilities understated: ?600; net income understated ?600
• C) Asset understated: ?600; net income overstated ?600
• D) Liabilities overstated ?600; net income understated ?600

Books of original entry are used for

• A. recording business transactions
• B. the adjustment of accounts
• C. reminding the book keeping to post transactions in the ledger
• D. informing the bookkeeper about the state of affairs

A factory cost excluding prime cost is ______. Options

• A) overhead
• B) material cost
• C) fixed cost
• D) administration cost

Goodwill is determined using?

• A. capital contribution
• B. number of partnerd admitted
• C. the business and customer relations
• D. number of active partners

Recurrent expenditures are expenses for the period not exceeding

• A. 10years
• B. 2years
• C. 5years
• D. 1year

A bookkeeping error occurs when there is?

• A. a deliberate manipulation of records
• B. unintentional correct posting in the ledger
• C. intentional failure to record transactions completely
• D. incorrect records and oversights that are not intended

Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.

• A. #300
• B. #400
• C. #600
• D. #200