Beginning inventory............N?

Purchases......................N?

Ending inventory...............N4,800

Sales..........................N12,800

Wages..........................N1,040

Gross profit...................N5,900

The beginning inventory was estimated at 80% of sales.

What is the figure for purchases?

• A. N2,400
• B. N2,500
• C. N4,200
• D. No option indicated

Which of the following is not a form of business asset?

• A) Deposit account in bank
• B) Interest due on loan
• C) Five acres of land
• D) Library books owned by a lawyer

one of the options below is not the source of income for non- profit organization

• A. Entrance fees
• B. subscription/dues
• C. odrinary shares
• D. Donations

Calculate the surplus income.

• A. N45 000
• B. N44 000
• C. N30 000
• D. N14 000

\(\begin{array}{c|c} & N \\ \hline \text{Plant and Machinery} & 190 000 \\ \hline \text{Motor Vehicle} & 170 000 \\ \hline \text{Stock} & 60 000 \\ \hline \text{Current Liabilities} & 50 000 \\ \hline \text{Purchase consideration} & 400 000 \end{array}\)

Determine the amount of goodwill

• A. #110 000
• B. # 80 000
• C. # 90 000
• D. # 30 000

Use the following information to answer the question

The net profit for 2020 is

• A. Le 522,900
• B. Le 417,900
• C. Le 595,400
• D. Le 72,000

Use the following information to answer the question below: What is the value of shareholders equity?

• A) ?250,000
• B) ?230,000
• C) ?180,000
• D) ?100,000

When the goods are sold on credit to a buyer, the account receivable account will be

• A. debit and credit
• B. contra entry
• C. debited
• D. credited

When shares are sold at more than the par value, they are said to have been issued at

• A. A premium
• B. Normal value
• C. A discount
• D. A profit

Ezekiel Malgwi is a retailer. He recorded sales representing 95% cash and 5% credit. He took the total cash sales of N19000 from the business tray and banked it. The credit sales for the period would be?

• A. N5000
• B. N1900
• C. N1000
• D. N950