Dele and Seun who are in partnership, have decided to covert their business into a limited liability company where both become directors. To convert the business?

• A. they will simply continue since there are no new members
• B. the partnership is formally ended and new company books opened
• C. the shares and all other items will be shared equally and not in their former ratios
• D. computation of goodwill must be done as it is legally required

Capital and revenue expenditures of government are usually accounted for under funds which include?

• A. A personal advances, technical, special trust
• B. technical, special trusth and commercial funds
• C. personal advances, treasury clearance and special trusth funds
• D. commercial loans and treasury clearance funds

If a sole proprietorship is purchased for cash, then?

• A. the purchaser debits his business purchase account with the consideration he pays
• B. all assets and liabilities must be bought
• C. goodwill results where value of assets
• D. the vendor debits his business purchase account with the considerstion he receives

Shares issued to a vendor in payment of business purchased would require a debit to?

• A. cash account and credit to share capital account
• B. share capital account and credit to vendor's account
• C. vendor's account and credit to share capital account
• D. share capital account and credit to cash account

A basic unifying concept in accounting implies that?

• A. where creditors'account is zero, the assets are equal to the owners' equity
• B. there should be a balance in the creditors' account in order to measure total assets
• C. revenues should be supported by invested and owners'capital
• D. total assets can be less than liabilities and equity

The market price per ordinary share of a corporation listed on the stock exchange is most closely related to its?

• A. earning per share
• B. redemption price per share
• C. book value per share
• D. call price per share

The basic role of accounting is to?

• A. detect fraud
• B. attest to finacial statements
• C. measure performance
• D. protect sharehlders

If a promoter pays a lawyer N5,000 for services rendered in preparing a Memorandum of Incorporation, the journal entry is to debit?

• A. preliminary expenses, credit cash accounts
• B. promoter, credit creditors' accounts
• C. lawyer's credit cash accounts
• D. cash , credit incorporation accounts

Given: Club N150 Cash sales N4,850 Club debtors at close N900 Cash received from debtors N550 What is the amount of club sales?

• A. N6,150
• B. N4,850
• C. N4,650
• D. N1,300

Which of the following account is kept by local governments in Nigeria?

• A. Balance sheet
• B. Advances account
• C. Debtors account
• D. Profit account