On dissolution, the final distribution of cash to partners is based on?

• A. patnership agreement
• B. Articles os association
• C. goodwill
• D. capital balances

The statement of assets and liabilities in the public sector can be described as the?

• A. income and expenditure account of government
• B. appropriation account of government
• C. balance sheet of government
• D. funds flow statement of government

Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.

Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.

The balance of profit and loss account will be?

• A. N4,000
• B. N2,800 B. N2,800
• C. N1,500
• D. 300

The expenses incurred in promoting a company are?

• A. promoters' expenses
• B. floating expenses
• C. preliminary expenses
• D. the borad's expenses

The receipt whose name appears on a cheque is called a?

• A. payer
• B. drawer
• C. drawee
• D. payee

Jumoke and Kunle have an original investment of N25,000 and N15,000 respectively in a partnership. The articles of partnership provides 3% interest on capital and salaries of N1,500 and N1,000 respectively for the partners. The profits and losses are to be shared in the ratio 3:2.

Miscellaneous expenses of N2,500 were incurred with gross profit of N6,500 during the financial year.

What is Kunle's share of the profit?

• A. N600
• B. N300
• C. N180
• D. N120

The loss of equipment in a fire disaster results in?

• A. a decrease in current assets
• B. an increase in liabiities and assets
• C. a decrease in assets and capital
• D. an increase in liabilities and a decrease in assets

The accounting entry to record the premium on goodwill is to debit?

• A. cash and credit old partners' capital
• B. goddwill and credit revaluation
• C. assets and credit capital
• D. capital and credit assets

Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?

• A. deflicit
• B. surplus
• C. gain
• D. loss

Based on the FIFO method of valuation the total cost of the raw materials issued is

• A. N150
• B. N160
• C. N240
• D. N250