During the year ended 31st December 2001,Nuju Enterprises paid rent as follows:Jan. 20, N24 000 for a period of 4 months.May. 16, N30 000 for a period of 5 months.Oct. 15, N36 000 for a period of 6 months.

What is the overpaid portion of the rent?

• A. N36 000
• B. N18 000
• C. N12 000
• D. N6 000

Determine the value of closing stock using the LIFO method

• A. N2 000
• B. N2500
• C. N4000
• D. N35000

One of the major features of bookkeeping is that it?

• A. provides permanent records for all financial transactions
• B. is futuristic in nature
• C. accpets responsibility for all wrong postings
• D. does not give room for double entry procedures

Accounting entry for dissolution expenses is

• A. Dr : Partnership account ;Cr: Realization account
• B. Dr: Revaluation account; Cr: Partnership account
• C. Dr: Realization account; Cr: Cash account
• D. Dr: Partners current account; Cr: Realization account

An expenditure whose benefit is finished or enjoyed immediately is called:

• A) Expense
• B) Liability
• C) Cost
• D) Income

Mayana Corporation uses special journals to record its transactions. If one of Mayana's customers returns merchandize purchased with cash (for a refund), it makes an entry in the?

• A. cash receipts journal
• B. sales journal
• C. general journal
• D. cash disbursement journal

An open market economy is a unique feature of

• A. welfarism
• B. socialism
• C. feudalism
• D. capitalism

Use this information below to answer this question

#

Capital: Opening balance 307,000

Closing balance 342,000

Net profit for the period 121,600

Purchases 706,000

Carriage inwards 17,500

Cost of goods sold 740,700

Total selling, general and

administration expenses 526,000

Discount received 9,650

Opening stock 98,800

Calculate the closing stock for the period.

• A. #69,300
• B. #81,600
• C. #81,300
• D. #106,400

At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of #180,000. it is however discovered that revenue of #15,000 is recorded as expenses while expenses of #4,000 is recorded as revenue. Determine the adjusted net profit

• A. #210,000
• B. #202,000
• C. #195,000
• D. #184,000

The bad debt account is closed by transferring the balance to

• A) credit of capital account
• B) debit of profit and loss
• C) debit of the debtors personal account
• D) credit of profit and loss account