Which of the following is a source of revenue to the federation account?

• A. Market fees
• B. Bicycle licences
• C. Tarrifs
• D. Property rates

Which of the following is a credit item in creditors ledger control account?

• A. Purchases returns
• B. Bills payable
• C. Purchases
• D. Cash receipts

Which of the following are advantages of departmental accounts?

• A. the capital of the business can be calculated easily
• B. easy knowledge of the sources of funding
• C. encouragement of healthy rivalry among the various department
• D. the department making the highest profit can be easily determined

The conventional sources of public revenue includes?

• A. loans,taxation, foreign reserves and dividends
• B. interest, royalties, taxation and loans
• C. crude oil, interest, posted price and taxation
• D. taxtion, deficit budgeting, royalties and loans

Yola Social Club

Statement of Account 1998 financial year. 31/12/98:

Subscription in arrears N21,000

Subscription in advance N12,000

Receipt during 1999:

Arrears 1998 N21,000

Dues 1999 N48,000

Advance 2000 N11,000

The subscription transferable to the income and expenditure account is?

• A. N48,000
• B. N59,000
• C. N60,000
• D. N69,000

Given:

Furniture and fittings..................N20,000

Equipment...............................N15,000

Bank overdrafts.........................N6, 500

Bar creditors...........................N4,800

Subscription in arrears.................N4,700

Subscription in advance.................N650

What is the accumulated fund?

• A. 23,700
• B. 27,750
• C. 29,650
• D. 51,650

The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?

• A. purchases
• B. opening stock
• C. closing stock
• D. average stock

Use the information below to answer questions

Purchase:..Raw materials.................N15 000

Finished goods...........................N11 400

Stock:....(1/7/01)Raw materials..........N2 250

Work-in-progress.........................N1 875

Wages:.....Direct........................N17 100

Indirect.................................N5 400

Stock:.....(30/06/02)Raw materials.......N3 000

Work-in-progress.........................N3 375

Determine the accumulated fund value?

• A. N9360
• B. N6320
• C. N4200
• D. N3000

The major distinguishing element between the final account of a partnership and that of a sole trader is the

• A. drawing account
• B. capital account
• C. Creditor account
• D. Appropriation account

Goods worth N300 was transferred from department Q to P Similarly, P's total expenses for the period was N200

What was department Q's gross profit?

• A. N2 500
• B. N2 300
• C. N 2 200
• D. N1700