When a transaction causes an assets account to increase, there is?

• A. a decrease of equal amount inthe owner's equity account
• B. an increase in a liability account
• C. an increase of equal amonut in another assets account
• D. a decrease of equal amount in a liability account

A credit note from a supplier would first be entered in the

• A) purchase book
• B) sales book
• C) returns inward book
• D) returns outward

A debit balance on a bank statement indicates that

• A) bank is a debtor to the customer
• B) customer is a debtor to the bank
• C) bank is not a creditor to the customer
• D) customer is not a debtor to the bank

Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?

• A. N1000.00
• B. N333.33
• C. N666.66
• D. N800.00

A credit note from a supplier would first be entered in the

• A) purchase book
• 6
• C) returns inward book
• D) returns outward

The current growth in the volume of trading and financial dealings in nigerian is helped by?

• A. credit as a factor in business
• B. payments for goods in cash
• C. increased financial activities
• D. government intervention

Accounting equation is given by

• A) Assets
• B) Assets = Liabilities - Owner
• C) Assets + Owner
• D) Assets = Liabilities + Owner

In the public sector, the method of accounting that reports revenues and expenditures in the period in which they are received and paid is called?

• A. fund accounting
• B. commitment accounting
• C. cash accounting
• D. accrual accounting

Subscription in arrears are

• A. Credited to the income and expenditure account and shown as a liability in the balance sheet
• B. debited to the income and expenditure account and shown as an asset in the balance sheet
• C. credited to the income and expenditure account and shown as a liability in the balance sheet
• D. debited to the income and expenditure account and shown as a liability in the balance sheet

Use the information below to answer questions

Purchase:..Raw materials.................N15 000

Finished goods...........................N11 400

Stock:....(1/7/01)Raw materials..........N2 250

Work-in-progress.........................N1 875

Wages:.....Direct........................N17 100

Indirect.................................N5 400

Stock:.....(30/06/02)Raw materials.......N3 000

Work-in-progress.........................N3 375

What is the cost of manufactured goods?

• A. N49 125
• B. N48 750
• C. N37 625
• D. N35 250