Use the information to answer below to answer questions

i Operating machines ii Furniture iii Fixtures and fitting iv Loan from friends V Creditors

What are the current liabilities?

• A. i and ii
• B. iv and v
• C. iii and v
• D. ii and iv

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003

Determine the closing stock

• A. N20 000
• B. N30, 000
• C. N40 000
• D. N50,000

The working capital of the club is

• A. N5000
• B. N4000
• C. N3000
• D. N7000

The current ratio is

• A. 1:1
• B. 2:1
• C. 2.8:1
• D. 3.5:1

Which of the following does not appear in a bank statement?

• A) Uncredited cheque
• B) Bank charges
• C) Dishonoured cheque
• D) Dividend received on behalf of customer

Given:

Subscriptions received.........N200 000

Subscriptions owed.............N10 000

Subscriptions in advance.......N25 000

Calculate the subscription in the income and expenditure account?

• A. N200 000
• B. N235 000
• C. N185 000
• D. N225 000

Use the information below to answer questions

Balance as per cash book................N13560

Unpresented cheques.....................N5120

Uncredited lodgements...................N2300

Dividend received not entered

in the cash book........................N2000

Bank charges............................N280

Standing order payments.................N600

Balance as per bank statement............?

Calculate the balance in the bank statement.

• A. N14 680
• B. N15 560
• C. 17 500
• D. 16 380

Use the following to answer the question below: What is the value of fixed tangible assets?

• A) ?920,000
• B) ?820,000
• C) ?894,000
• D) ?970,000

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

• A. original entry
• B. contra entry
• C. prime entry
• D. contract entry

Hussaina Enterprises sent goods worth #800,000 at cost plus mark-up of 20% to its branch

What is the cost price of the goods sent to the branch

• A. #600,000
• B. #620,000
• C. #640,000
• D. #700,000