The excess revenue over expenditure is charged to

• A. profit and loss
• B. revenue account
• C. accumulated fund
• D. income and expenditure acccount

Retained earnings will change over time because of several factors. Which of the following factors would explain an increase in retained earning?

• A) Net loss
• B) Net income
• C) Dividend investment by stakeholders
• D) Net profit

The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

• A. goods available for sale
• B. goods sold
• C. goods manufactured
• D. materials put into production

Which of the following cannot depreciate?

• A. plant and machinery
• B. motor van
• C. premises
• D. land

Depreciation is the method of charging the cost of fixed assets such as property, plant and equipment and motor vehicle to financial operations. The guideline on charging the cost is provided in the

• Prudential Guidelines
• B) Statements of Accounting Standards
• C) 20 LFN 2004
• D) Nigerian Insurance Commission Act 2006

The principal function of a sales ledger control account is to?

• A. serve as internal check and provide quick information for the preparation of interim financial statements
• B. serve as external check and provide quick information for the preparation of interim financial statements
• C. provide quick information for the preparation of customers' statement
• D. provide information for the control of salesmen's activities

The journal has the following headings except

• A. date
• B. debit
• C. discount
• D. credit

The summary of receipts and payments account represent?

• A. cash at hand
• B. journal proper
• C. general journal
• D. ledger accounts

Cost accounting entails the provision of information?

• A. for investment purposes
• B. for descision making
• C. to shareholders
• D. to stockholders

Use the following information to answer the question below. Given the following:<br> Debtors as at 1st March: ?40,000<br> Creditors as at 1st March:?55,000<br> Cash received from debtors during the month: ?250,000<br> Cash paid to creditors during the month: ?180,000<br> Debtors as at 31st March: ?60,000<br> Creditors as at 31st March: ?35,000<br> What is the purchases figure for the month of March?

• A) ?35,000
• B) ?160,000
• C) ?211,500
• D) ?215,000