Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. The record in Jide's book would be to debit

• A. purchases #12,000 and credit Ibrahim #12,000
• B. purchases #12,000 and credit sugar account #12,000
• C. Jide #12,000 and credit purchases
• D. Ibrahim #12,000 and sugar account #12,000

Use the following information to answer the question below: What is the total amount of fixed assets?

• A) ?260,000
• B) ?210,000
• C) ?180,000
• D) ?130,000

A partnership's internal regulations are set out by

• A. a deed
• B. a law
• C. a constitution
• D. an article

Which of the following is a source of revenue to a local government authority?

• A) Poll tax
• B) Excise duty
• C) PAYE tax
• D) Value added tax

Which of the following is not an inventory costing method?

• A. FIFO
• B. LIFO
• C. Average cost method
• D. LILA

Which of the following is prepared to ascertain the trader's capital under incomplete records?

• A. statement of affairs
• B. statement of capital and liabilites
• C. statement of complete records
• D. income statement

The measure of a company's ability to pays its debts quickly is called

• A. Current ratio
• B. turnover ratio
• C. acid test ratio
• D. return of investment

Given: N6 000 10% preference shares of N0.50 each, N6 000 ordinary shares of N1 each, Capital reserves N2 700 000, Long-term liabilities N4 000 000. Find the value of authorized share capital?

• A. 13 000 000
• B. 12 000 000
• C. 9 000 000
• D. 15 700 000

Use the following to answer the question below What is the value of current liabilities Options

• A) ?100,000
• B) ?440,000
• C) ?95,000
• D) ?345,000

Under which group of assets would you classify “goodwill”

• A) Non-current asset
• B) Current asset
• C) Liquid asset
• D) fictitious asset