Subscription in advance is treated in the balance sheet as a

• A. fixed asset
• B. long term liability
• C. current asset
• D. current liability

The amount set aside out of profits earned by a company which is not meant for liability or contingency are ______.

• A) dividends
• B) provisions
• C) retained profits
• D) reserves

Which of the following is a conversion cost?

• A. Factory overhead
• B. purchases
• C. material cost
• D. wages

Tunde purchased goods from Femi by cash worth #1,000 with 10% cash discount Tunde’s purchases ledger control account it to be

• A) debited by #100
• B) credited by #100
• C) credited by #1,000
• D) debited by #1,000

The correct sequence in data processing is ______.

• A) input ? process ? output
• B) input ? output ? process
• C) process ?input ?output
• D) process ? output ? input

Which of the following is among the categories of government cash book?

• A. Receipt cash book
• B. Payment cash book
• C. Petty cash book
• D. Treasury cash book

Which of the following is not an asset

• A) Goodwill
• B) General reserves
• C) Debtors
• D) Prepayments

The owner wishes to maintain an amount equal to \( \frac{1}{3} \)

of capital as drawings.

The cash book closing balance will be

• A. N900
• B. N2,400
• C. N4,200
• D. N4,600

Turaki Youth Club Income and Expenditure for the year ended 31/12/04

# #

Bal.b/d 390 Expenses on cleaning 300

Sales of - New tool 510

trickets 4,000 Repairs 400

Donations 3,000 Electricity 350

Subscription 6,500

What is the total income for the period?

• A. #10,500
• B. #13,500
• C. #13,890
• D. #9,500

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

Determine the cost of goods sold using FIFO

• A. #285,000
• B. #300,000
• C. #570,000
• D. #600,000