The major point of agreement carried by the partnership deed is?

• A. 5% interest annum on any loan
• B. an oral agreement among the partners
• C. method of inhertance by the partners' children
• D. the profit and loss sharing ratio of the partners

A financial analyst needs accounting information to?

• A. maintain the production section of the business
• B. know why transactions cause increase and decreases in assets
• C. advise on how to manage the business
• D. know how to record transaction in T account

Use the information below to answer this question.

.............Total......... Dept.P.............Dept.Q

...............N...............N.................N

Sales.........10000............6000..............4000

Purchases......4000............1000..............3000

Discount received.1000..........?..................

Discounts allowed..2000...........................?.

Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

Department P's share of discount received is

• A. N750
• B. N1000
• C. N250
• D. N500

Use the information below to answer this question. Timo and Chris are computer engineers who went into partnership as Teachi and Co. Timo brought cash of N12,000 furniture worth of N18,000 and vehicle worth of 70,000. Chris equally brought in cash of 10,000 his building valued at 105,000 and personal computers worth N35,000.

What is the profit sharing ratio if it’s based on capital contribution by Teechi and Co?

• A. 2 : 3
• B. 3 : 2
• C. 6 : 5
• D. 5 : 6

The document setting out the regulations regarding shares, meetings and internal organization of a company is known as

• A. memorandum of association
• B. article of association
• C. prospectus
• D. company law

An increase in government expenditure within a year is taken care of by means of

• A. virement
• B. financial regulations
• C. supplementary estimate
• D. warrant

The statement of assets and liabilities in the public sector can be described as the?

• A. income and expenditure account of government
• B. appropriation account of government
• C. balance sheet of government
• D. funds flow statement of government

In a period of declining price, which of the following methods would result in higher profit?

• A. FIFO
• B. Simple average
• C. LIFO
• D. Weighted average

Which of the following is a debit entry in debtors control account?

• A. discount allowed
• B. return inwards
• C. credit sales
• D. cash from debtors

Capital reserves includes the following except

• A. revaluation surplus
• B. pre-incoporation profit
• C. share premium
• D. general reserves