The expenses incurred in promoting a company are?

• A. promoters' expenses
• B. floating expenses
• C. preliminary expenses
• D. the borad's expenses

In partnership dissolution, an asset taken over by a partner is debited to?

• A. partners capital account and credited to realization account
• B. Partners capital account and credited to asset account
• C. asset account and credited to realization account
• D. realization account and credited to capital account

Beginning and ending accounts receivable balances were N8,000 and N15,000 respectively. If collections from customers during the period were N36,000, then total sales on account would be

• A. N23,000
• B. N29,000
• C. N36,000
• D. N43,000

The process whereby a cheque received by one person is given to another is known as?

• A. cheque crossing
• B. payment in cheque
• C. cheque transfer
• D. cheque endorsement

Goodwill can be introduced when

The movement of goods from head office to a branch is treated in the head office as

• A. Sales
• B. issue
• C. purchases
• D. requisition

In the absence of a partnership deed, the act stipulates that

• A. an amount should be fixed as salary for partners
• B. interest on partners loan should be 25%
• C. interest should not be allowed on partners drawings
• D. profits and losses should not be shared equally

Use the information to answer this question

Payment to creditors #12,250

Creditors at start #550

Creditors at end #830

What is the creditors amount in the balance sheet?

• A. #550
• B. #12,250
• C. #12,530
• D. #830

In manufacturing account, the work-in-progress at the end of the year is

• A. deducted from the cost of goods completed during this year
• B. added to the cost of goods completed
• C. stated in the profit and loss account
• D. stated in the prime cost section

The partnership deed normally specifies?

• A. how profits or losses are to be shared
• B. the capital to be contributed annually
• C. how salaries are paid to employees
• D. the profit that should be earned annually