An item of appropriation in partnership profit and loss account is?

• A. interest on partners' capital
• B. interest on partners' loan
• C. employees' salaries
• D. partners' drawings

(i) Meet growth and diversification need.

(ii) Reach out to particular customers or markets

(iii) Comply with some regulatory directives

(iv) Increase employees' income.

Which of the reasons above do companies consider in establishing branches?

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

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1. The interest on joy's drawing is?

• A. N6.00
• B. N7.25
• C. N9.00
• D. N9.75

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

The main objective of bookkeeping is to record economic?

• A. transactions systematically for routine managerial decision-making
• B. events clearly to ensure adequate checks and balances
• C. events clearly to facilitate strategic managerial desicion-making
• D. transaction systematically to ascertain the financial position of a business

Rakiya and Joy are in partnership and agreed that 5% interest per annul is to be charged on drawings. The drawing made by both partners in one year were: Rakiya, N200 on March 31 and N300 on September 30. Joy, N100 on April 1 and N240 on July 1. Assuming that Rakiya was not credited with any income during the period, what is her closing current account balance?

• A. N340,000 credit
• B. N349,75 debit
• C. N500.00 credit
• D. N 511.25 debit

To write off bad debt, debt?

• A. debtor's account and credit provision for bad debt
• B. bad debt account and credit debtor's account
• C. debtor's account credit bad debt
• D. provision for bad debt account and credit debtor's account

Given:

cash book item:

Paid to suppliers N10,800

Expenses paid N6,900

Drawings made N900

Balances at start N15,750

Balances at end N3,870

Drawings from bank to shop N1,720.

Determine the receipt from debtors?

• A. N22,470
• B. N17,470
• C. N8,440
• D. N5,000

Given:

Opening cash balance N20,000

Sales of match tickets N15,000

Clearing of pitch N1,200

Refreshments N3,500

Referees' allowance N1,000

Cost of petrol N1,120

Donation from local government N3,800

The club's balance is?

• A. N39,180
• B. N34,830
• C. N34,380
• D. N31,980

The channel through which all government borrowing and domestic lending transactions pass is called?

• A. special trust fund
• B. agency fund
• C. national loan fund
• D. contingency fund