The act of making necessary adjustment after comparing the actual cost with targeted cost is cost ----------------------------

• A. conversion
• B. control
• C. allocation
• D. analysis

The entry in the partnership books of accounts for interest on drawings is to?

• A. credit partners capital account
• B. debit partners capital account
• C. credit drawings account
• D. debit drawings account

The two accounts that are normally opened in the head office when goods are transferred to a branch are?

• A. branch supplies and branch receipts
• B. branch stock account and goods sent to branch accounts
• C. goods sent to branch account and branch receipt account
• D. goods sent to branch accounts and branch supplies

A source document is used for verifying the?

• A. amount due to creditors
• B. actual cost of an asset
• C. selling price of goods
• D. amount due from debtors

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

of capital as drawings.

The amount withdrawn is

• A. N2,100
• B. N2,200
• C. N4,400
• D. N6,400

The authority warrant issued prior to the approval of the appropriate bill at the begining of the year

• A. contigencies
• B. reserved expenditure warrant
• C. annual general warrant
• D. provisional general warrant

Use the information below to answer this question

A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis.

The share premium account would be

• A. credited with application and allotment ₦187,500
• B. debited with application and allotment ₦375,000
• C. debited with application and allotment ₦187,500
• D. credited with application and allotment ₦375,000

For an incomplete record to provide necessary information, it must be converted to?

• A. complete records
• B. double entry records
• C. statement of affairs
• D. single entry

Which of the following is the capital reserve of a company?

• A. Accumulated depreciation
• B. Retained profit
• C. Share premium
• D. Loss on forfeited shares

The purchase of mattresses from Freehold enterprises by cheque amounted to #305,150. The correct entries for this transaction in the book of the buyer is to debit

• A. sales account and credit bank account
• B. purchases and credit bank account
• C. cash and credit freehold
• D. bank and credit freehold