What was the cost of materials available for use during the period?

• A. N487,100
• B. N449,500
• C. N448,500
• D. N440,300

Use the information below to answer questions .

Aug. 1 Received 20 units at N60 each

Aug. 6 Received 20 units at N68 each

Aug. 10 Issued 16 units

Aug. 20 Received 40 units at N80 each

Aug. 31 Issued 48 units

Using the simple average method, what is the cost per unit of the closing stock?

• A. N80
• B. N74
• C. N64
• D. N60

A company provided the following information about its balance sheet. Cash ?100 Accounts receivable ?500 Stockholders' equity 14700 Account payable ?200 Bank loans ?1,000 Based on the information provided, how much are Remington's liabilities?

• A) ?200
• B) ?900
• C) ?1,200
• D) ?1,700

In the balance sheet of a not-for-profit-making organization, subscription paid in advance is regarded s a?

• A. current assets
• B. current liability
• C. capital
• D. reserve

The term accounting period is used to refer to the

• A. time span during which taxes are paid to the inland revenue board
• B. budget period, usually one year, relied on by the accountant
• C. time span, usually one year, covered by financial statement
• D. period within which debtors are expected to settle accounts

The item on the credit side of the trading account is the?

• A. returns outwards
• B. caarriage on sales
• C. sales
• D. purchases

Easyway Limited produced disposable products for the health sector.

Information available for the year ended 31st December 2021 is as follows:

Additional information

Apportion rent, electricity and depreciation of vehicles to factory and office in the ratio 3:2 respectively.

You are required to prepare Manufacturing, Trading, Profit and Loss Account for the year ended 31st December 2021.

Departmentalization of accounts is useful because it shows the____________

• A. Over all performance of a division
• B. Cost per unit of a profit
• C. Price per unit of a product
• D. Over all performance of a firm

The following account are prepared when goods are sent to branch except

• A. Branch stock
• B. Goods set to branch account
• C. Branch adjustment account
• D. Branch debtors account

Faruk and Osawe are in partnership sharing profits and losses in the ratio of 3:7. Faruk is to receive a salary of N9 000. In one accounting period, the business recorded a loss of N1 500 (before deduction of Faruk's salary). The appropriate distribution of the net loss would be?

• A. Faruk, (N450); Osawe, (N1 050)
• B. Faruk, (N3 150); Osawe, (N7350)
• C. Faruk, (2 250); Osawe, (N7 350)
• D. Faruk, (N450); Osawe, (N1 050)