Share premium is an example of?

• A. revenue reserve
• B. capital reserve
• C. general reserve
• D. loan capital

The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

• A. autonomous costs
• B. service costs
• C. supporting cost
• D. subsidiary costs

Oil and Buns issued to the public 1,300,000 ordinary shares of 75k at a price of #1.50k. Application and allotment were received for 900,000 shares at 25k each.

The book value of issued share capital is

• A. #675,000
• B. #975,000
• C. #1,350,000
• D. #1,950,000

Discount received is charge to

• A. current account
• B. profit and loss
• C. trading account
• D. balance sheet

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000. In the book of Ibrahim, the entry to record the transaction would be to debit

• A. sugar account #12,000 and credit Jide #12,000
• B. Jide #12,000 and credit sales account #12,000
• C. Ibrahim #12,000 and credit Jide #12,000
• D. sugar account #12,000 and credit Ibrahim #12,000

Use the information below to answer question

Stock of raw materials (1st January) N3000

Direct wages N2500

Direct expenses N1000

Factory overheads N2000

Cost of raw materials used N5500

Stock of finished goods (31st December) N2000

Determine the prime cost?

• A. N7500
• B. N6500
• C. N9000
• D. N8000

In a control account, provision for bad debts is found on the

• A. credit side of the sales ledger control account
• B. debit side of the purchases ledger control açcount
• C. debit side of the sales ledger control account
• D. credit side of the purchases ledger control account

If a business shows a debit balance in its own record of its bank balance, this indicates.

• A) the business has a bank overdraft
• B) the business is a debtor of the bank
• C) the business has money in the bank
• D) the ledger entry must be wrong

Which of the following is used to service all operations of government?

• A. Consolidated Revenue Fund
• B. Consolidated Reserve Fund
• C. Special Operational Fund
• D. General-Reserve Fund

Which branch of accounting is most concerned with the collection of detailed financial data for use in planning and controlling an entity?

• A) Financial accounting
• B) Management accounting
• C) Financial management
• D) Auditing