In an incomplete record system a trading account cannot be prepared until the?

• A. day book has been balanced
• B. amount of personal drawings has been established
• C. cash book has been balanced
• D. amount os sales and purchases has been established

Use the information below to answer this question

Date.............QTY. .....RATE........TOTAL

...............(Units).....N...........N

January 2nd.....500........25..........12500

March 7th.......250........28..........7000

Issues were made as follows:

Date............QTY. (uNITS)

January 9th .....200

February 14th ...200

March 11th ......200

The value of closing stock as at February 14th by simple average method is

• A. N3900
• B. N2500
• C. N4100
• D. N2700

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

• A. draw up the statement of affairs
• B. draw up a T-account to establish the amount
• C. compare the journal entries with the cash book
• D. cross-check the cash book for further information

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

• A. used to pay all taxes due to government
• B. used to start a new partnership business by members who are willing
• C. shared equally by the existing partners
• D. used in paying the debts and liabilities of the firm to persons who are not partners

(i) Fixtures account (ii) Machinery account (iii) Wages accounts (iv) Rent account. Which of the above are nominal account?

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

keeping records under the single entry system has the advantage of?

• A. quality in terms of records
• B. completeness in terms of records
• C. accuracy in terms of operation
• D. simplicity in terms of operation

An entry in a subsidiary book which does not form part of the double entry system is a?

• A. contra entry
• B. journal entry
• C. single entry
• D. memorandum entry

Given:

Sales ............................N195,200

Stock 1st January.................N34,000

Purchases ........................N126,000

Sales returns ....................N1,200

Purchases returns ................N2,000

If the gross profit is N66,000, what is the value of stock at 31st December?

• A. N30,000
• B. N40,000
• C. 50,000
• D. N20,000

A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?

• A. 35%
• B. 30%
• C. 20%
• D. 15%

The working capital of the club is

• A. N5000
• B. N4000
• C. N3000
• D. N7000