i Space occupied by each department. ii Average value of stock held by each department. iii Departmental turnover. iv Number of articles sold by each department .

From the information above, the two most logical bases for apportioning expenses that are common to departments are?

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

In a partnership account, conversation of non-cash assets into cash is referred to as?

• A. realization
• B. disposal
• C. dissolution
• D. revaluation

Use the information to answer question below

......................... Departments

........................... P Q R

Sales value............... N23,400

Selling expenses.......... 1,100 N1,400 N1,280

Administrative expenses...N1,400 N1,000 N1,020

Cost of sales............. N6,900.... N6,700 N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

What is the sales value of department R?

• A. N7,800
• B. N11,700
• C. N23,400
• D. N35,100

Given:

Net profit b/d.....................N10,000

Interest on capital:...M...........N2, 000

.......................K...........N1, 000

Partners' on salary....K...........N800

Interest on drawings...M...........N500

Profit sharing ratio M and K 3:2

Determine M's share of profit?

• A. 6,280
• B. 4,020
• C. 2,820
• D. 2,280

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

• A. increase in assets and increase in capital
• B. increase in liabilities and decrease in capital
• C. decrease in capital and increase in assets
• D. decrease in capital and decrease in assets

Use the information to answer question below

......................... Departments

........................... P Q R

Sales value............... N23,400

Selling expenses.......... 1,100 N1,400 N1,280

Administrative expenses...N1,400 N1,000 N1,020

Cost of sales............. N6,900.... N6,700 N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

Determine the total expenses of department P?

• A. 9,760
• B. 9,400
• C. 2,860
• D. 2,500

The accounting convention which states that the performance of a business should be determined by matching all expenses against revenues is?

• A. accruals
• B. materiality
• C. objectivity
• D. periodicity

Which of the following is a common cause of a discrepancy between head office and branch trial balance?

• A. Debtors and cash in transit
• B. Creditors and cash in transit
• C. Stock and cash in transit
• D. Stock and prepayments

The cost incurred by departments that support the production departments with such activities as maintenance, production control and storage are called?

• A. autonomous costs
• B. service costs
• C. supporting cost
• D. subsidiary costs

Replacement and renewal of fixed assets are?

• A. revenue receipt
• B. capital receipt
• C. capital expenditure
• D. revenue expenditure