Which method of pricing can be used satisfactorily in either a rising or falling price situation?

• A. Standard price
• B. Marketing price
• C. FIFO
• D. Average method

keeping records under the single entry system has the advantage of?

• A. quality in terms of records
• B. completeness in terms of records
• C. accuracy in terms of operation
• D. simplicity in terms of operation

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

• A. debtors' account
• B. trading account
• C. expenses account
• D. cash account

A major cause of discrepancy between bank statement and the cash book that overstates the bank statement balance is the?

• A. commission paid
• B. interest received
• C. direct payment
• D. direct withdrawal

The total cash and cheques received from customers in a control account is derived from the

• A. income and expenditure account
• B. cashbook
• C. purchases day book
• D. sales journal

The essential amount of depreciation on equipment for a period is 2,000 the adjusting end to record depreciation would be

• A) Debit depreciation expense, 2000, credit expense, 2,000
• B) Debit equipment, 2,000; credit depreciation expense, 2,000
• C) Debit accumulated depreciation, 2,000; credit depreciation expense 2,000
• D) Debit depreciation expense, 2,000; credit accumulated depreciation 2,000

The objective of departmental account is to

• A. ascertain the cost of running the organization
• B. ascertain the amount of profit or loss for each department
• C. ascertain the amount of profits for losses for the enterprises
• D. offset the loss of each treatment

Chibuike bought 36 notebooks at N10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?

• A. N338.58
• B. N342.00
• C. N345.42
• D. N360,00

Which of the following is used to update the cash book in bank reconciliation?

• A. Interest received and unpresented cheques
• B. Commission and debit note
• C. Unpresented cheques and direct credit
• D. Interest received and direct credit

Opening stock of raw materials - #75,000 Purchase of raw materials - #330,000 Closing stock of raw materials - #80,000 Direct wages - #30,000 Carriages of raw materials - #10,000 Calculate the cost of raw materials used

• A. #495,000
• B. #415,000
• C. #325,000
• D. #305,000