Use the information below to answer questions .

subscription.....................N5420

Canopy rent......................N400

Wages............................N1100

Post-ages........................N300

loss from bar....................N160

Purchases of new furniture.......N120

Premises.........................N4000

Furniture at the beginning.......N1120

What is the cash balance in the receipts and payments account?

• A. N2 520
• B. N2600
• C. N3000
• D. No option

Use the information below to answer question

Jide and Haruna contribute N12000 each as capital and share profit equally. Jide draws N1500 and Haruna N1700 half-yearly. The profit for the year is N10000. Jide receives a salary of N2000.

Calculate the profit available for appreciation?

• A. N12 000
• B. N10 000
• C. N8 000
• D. N7 000

The not-for-profit-making organizations generate their income mainly from?

• A. bar sales
• B. subscriptions
• C. rents
• D. pools

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

• A. debtors' account
• B. trading account
• C. expenses account
• D. cash account

What are the appropriate recording procedures for entries in the trial balance?

• A. source documents, ledgers and trial balance
• B. Ledgers, trial balance and source documents
• C. Ledgers, source documents and trial balance
• D. Cash account, ledgers and trial balance

Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?

• A. debit side of its profit and loss account
• B. credit side of its profit and loss account
• C. debit side of its income and expenditure account
• D. credit side of its income and expenditure account

The concept that has much influence over asset valuation and income determination is?

• A. entity
• B. realization
• C. conversactism
• D. matching

A company incurred N21 000 in running its four departments, namely J,K,L and M with a corresponding number of employees as 1500, 2000, 3000 and 500 respectively. What is the share of department K?

• A. N9000
• B. N6000
• C. N4500
• D. N1500

Use the information below to answer questions

Direct labour...................N50 000

Beginning work-in-progress......N4 000

Raw materials used..............N18 000

Indirect labour.................N4 000

Ending finished goods...........N16 000

Ending work-in-progress.........N9 000

Factory supplies used...........N7 000

Selling expenses................N25 000

Beginning finished goods........N21 000

Other factory overheads.........N19 000

What is the cost of goods manufactured?

• A. N117 000
• B. N104 000
• C. N97 000
• D. N93 000

Musa merchants Trading and profit and Loss Account for the year ended Dec.31st, 2003

Determine the closing stock

• A. N20 000
• B. N30, 000
• C. N40 000
• D. N50,000