The trial balance showed wages, ?2,500 and a note stated that ?500 wages were due but unpaid. When preparing final accounts and balance sheet, it is required to debit profit and loss account with

• A) ?3,000 and show wages accrued ?500 in the balance sheet
• B) ?2,000 and show ages accrued ?500 in the balanced sheet
• C) ?3,000 and show wages prepaid ?500 in the balance sheet
• D) ?2,000 and show wages paid in advance ?500 in the balance sheet

Balance sheet (Extract)

Creditors #7,940

Prepaid expenses # 290

Accrual expenses # 323

Stock #4,500

Cash balance #4,956

Debtors # 905

Determine the current liabilities

• A. #8,553
• B. #8,263
• C. #7,940
• D. #1,228

A crane hired by a building construction company would be classified as

• A. a financial cost
• B. an administration cost
• C. a direct manufacturing cost
• D. an overhead cost

Given: Prime cost N220,000

Factory cost N32,000

work in progress at beginning N25,000 work in progress at close N19,000 Administrative expenses N21,000 Determine the production cost

• A. N296,000
• B. N277,000
• C. N258,000
• D. N246,000

In the absence of a partnership agreement, profits and losses are shared ______.

• A) in the ratio of capital
• B) equally
• C) in the ratio of drawings
• D) according to services rendered

In government accounting, the method used which records on the basis of financial entity with self-balancing books instead of entity of proprietorship is

• A. virement
• B. fund accounting
• C. consolidated fund
• D. financial regulation

Use the information below to answer questions .

(i) Cash at bank (ii) Cash in hand (iii) Premises (iv) Land (v)Creditors (vi)loan from friends/bank.

Determine the fixed assets?

• A. i and v
• B. ii and iv
• C. ii and vi
• D. iii and iv

Determine the amount chargeable to profit and loss account for electricity from the data below: Opening balance ?40,000 Paid during the year ?240,000 Closing balance ?100,000

• A) ?300,000
• B) ?340,000
• C) ?100,000
• D) ?240,000

1/5/07 Purchased 100 bags of milk at #10.00k each 3/5/07 Purchased 60 bags of milk at #11.50k each 15/5/07 Issued 85 bags of milk 15/5/07 Purchased 180 bags of milk at #12.80K each 22/5/07 Issued 145 bags of milk. Using simple average method, calculate the value of stock after 22/5/07

• A. #1,198.00
• B. #1,218.38
• C. #1,257.67
• D. #1,408.00

Use the information below to answer this question.

.............Total......... Dept.P.............Dept.Q

...............N...............N.................N

Sales.........10000............6000..............4000

Purchases......4000............1000..............3000

Discount received.1000..........?..................

Discounts allowed..2000...........................?.

Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

What is department Q's share of discount allowed?

• A. N2000
• B. N1500
• C. N800
• D. N1200