Given:

Cost of raw materials issued to production.....N37000

Opening stock of raw material..................N2000

Purchases of raw material......................N3800

Wages .........................................N500

What is the closing stock of raw material?

• A. N4000
• B. N3000
• C. N2000
• D. N1000

If a sole proprietorship is purchased for cash, then?

• A. the purchaser debits his business purchase account with the consideration he pays
• B. all assets and liabilities must be bought
• C. goodwill results where value of assets
• D. the vendor debits his business purchase account with the considerstion he receives

A payment of cash of N20 to John was entered on the receipt side of the cash book in error and credited to John's account. Which of the following journal entry can be used to correct the error?

• A. John: N40 Dr, cash: N40 Cr
• B. Cash: N40 Dr, John: N40 Cr
• C. John: N20 Dr, cash: N20 Cr
• D. Cash: N20 Dr, John: N20 Cr

The interest on partner's loan is

• A. credited in current account
• B. debited in profit and loss account
• C. credited in profit and loss account
• D. debited in current account

The major source of document which enables employer to calculate the employee wages is the?

• A. norminal roll of employees
• B. records of number of hours worked
• C. effort of the employee
• D. Record of independence per employee

Derive the stock turnover period.(Average stock = 23,000. Cost of sales = 300,000 year = 365 days).

• A. 28 days
• B. 42 days
• C. 27 days
• D. 23 days

A general journal contains?

• A. date, narration, folio, debit, and purchases
• B. date, narration, folio, debit and purchase
• C. folio, credit, date, debit and sales
• D. debit, credit, narration, date and discount

Adamu, Babaji and Chukwu are in a partnership and they share profit and losses on ratio 3:2:1. Their respective capitals are ?20,000, ?15,000, ?5,000 on which they are entitled to interest at 5% per annum. The profit for the year before charging interest on capital amounts to ?5,500. Calculate the profit for Adamu

• A) N583
• B) N1,000
• C) N1,167
• D) N1,750

Materials consumed...................N16,600

Direct cost..........................N5,400

Factory rent.........................N2,300

Factory lighting.....................N1,200

Cost of production to be transferred at cost plus 20% mark-up.

The market value of goods produced is?

• A. N30,500
• B. N30,600
• C. N31,600
• D. N31,620

1/1/2010 31/12/2010 Creditors - #9,000 #9,800 Rent owing - #3,800 #2,500 Rates prepaid - #2,000 #3,500 Motor van - #8,000 #8,000 Premises - #10,000 #10,500 Find the opening capital

• A. #5,700
• B. #7,700
• C. #9,800
• D. #14,900