Given:

Capital at start.......................N3250

Capital at close ......................N6250

Additional capital during the period...N1000

Calculate the profit or loss?

• A. N8500 profit
• B. N2000 loss
• C. N2000 profit
• D. N8500 loss

Which of the following indicate that a partnership business is in place?

(i) There is a business

(ii)It is run commonly by partners

(iii)It has profit-making in view

(iv) Partners' liability is limited

• A. i and ii only
• B. i, ii and iii only
• C. i, iii and iv only
• D. ii, iii and iv only

Social Club Subscription (Extract)

31/12/2009 Subscription accrued #18,900

Subscription received in advance #16,400

Subscription received during

the year 2009 #38,570

Determine the amount of subscription for the year

• A. #57,470
• B. #41,070
• C. #40,210
• D. #35,300

The basis upon which assets of an organization is valued is the

• A. historical concept
• B. business entity concept
• C. periodicity concept
• D. materiality concept

Which of the following formulae correctly states the profit taken or recognized from profit realized in a long term contract?

• A) total cost of contract estimated cost of contract
• B) cost of worker certified / total cost of contract
• C) cost to date / estimated cost of contract
• D) cost to date / estimated cost of contract

The not-for-profit-making organizations generate their income mainly from?

• A. bar sales
• B. subscriptions
• C. rents
• D. pools

At the end the fiscal year, account receivable has a balance of 100,000 and allowance for doubtful account has a balance of 7,000. The expected that realized value of the account receivable is:

• A) ?107,000
• B) ?100,000
• C) ?93,000
• D) ?147,000

When the invoice of a customer is overcast, the supplier will send to him a

• A. debit note
• B. cheque
• C. credit note
• D. payment voucher

A reduction in the catalogue price of an article given by a wholesaler to a retailer is called a?

• A. bad debt
• B. trade discount
• C. premium
• D. cash discount

In a sales ledger, contra entry is found on the?

• A. debit side of the debtors' control account
• B. debit side of the crebtors' control account
• C. creadit side of the debtors' control account
• D. creadit side of the credtors' control account