J accounting 18

The office responsible for ascertaining whether all public expenditures and appropriations are in line with approved guidelines is the________

Use the information above to answer the question:
The acid test ratio in the company is ___________

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

Tea and Cup are into a partnership business. Interests on drawings made by partners are
at 10% per annum. Tea’s capital is ₦70000 and current balance is ₦50000. He withdrew
the following amounts during the year : 3000 on 31st January ,2000 on 31st March, 4000
on 1st July, 1500 on the 30th September, 2500 on 1st November. Cup’s capital is ₦100000
and current balance is ₦40000. He made no drawings during the period. What is the
interest on the drawings of Tea?

Departmentalization of accounts is useful because it shows the____________

A partnership deed is used to___________

Use the information below to answer the question.

Goods worth ₦300 was transferred from department Q to P. Similarly, P’s total expenses for the period was ₦200.

Department P’s net profit was

A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.
The yearly depreciation using the straight line method would be

Advertising expenses incurred on a product in a business organization should be charged
to

A partnership’s internal regulation are set out by________

In the head office ledger, the value of goods sent to the branch are____________

The rent expense for Trendy store is ₦3500. Trendy store has three departments; jewelry, hair dressing, and clothing. The floor spaces occupied by the departments are 3:2:5 respectively. What is the rent allocated to clothing department?

sales 20,000
cost of sales 10,000
operating expenses 2,500
expenses prepaid included in operating expenses 500
Use the information above to answer the following question.
What is the gross profit margin?

The main objective of accounting report is to provide information about?

In the absence of a partnership deed, the act stipulates that____________

Which of the following is not a type of branch?

Use the information below to answer the question:

If at 31/1/95 the following information was ascertained
(i) rent for shop ₦12,000 paid for the year
(ii) Total purchases ₦15,000
(iii) Total sales ₦8,200
(iv) Stock of goods left ₦10,000
(v) paid sales boy ₦500

Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is?

The basic role of accounting is to?

Subscription received during the year N30,000. Subscription owed last
year N4,000. subscription received for next year N6,000.
Use the details above to answer the following question.
What is the subscription to be charged to income and expenditure
account?

sales 20,000
cost of sales 10,000
operating expenses 2,500
expenses prepaid included in operating expenses 500
Use the information above to answer the following question.
Calculate the net profit.

The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a

Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?

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

Calls in advance are treated in the balance sheet as_______

Lubricating oil and spare parts of machines are example of?

A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

To account for expenses paid by head office on behalf of the branch, the branch
should___________

Which of the following is not an inventory costing method?

Subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.

Use the details above to answer the following question. The N6,000 subscription received is?

When goods are sent to branch at cost plus mark up, it means that the branch should sell
at____________

Use the information above to answer the following question;
What is the purchase ledger balance?

In order to make the cash book balance equal to the bank statement, it is usually to add?

The amount called in respect of a share but not paid before or on the date fixed for
payment is referred to as:

The accounting entries used to record a cheque issued by a business is to?

The control account is used in facilitating?

The current growth in the volume of trading and financial dealings in nigerian is helped by?

Which of the following methods of invoicing goods to branches facilitate easy checks on the activities of branches?

Use the information below to answer the question

If at 31/1/95 the following information was ascertained;
(i) rent for shop ₦12,000 paid for the year
(ii) Total purchases ₦15,000
(iii) Total sales ₦8,200
(iv) Stock of goods left ₦10,000
(v) paid sales boy ₦500

If at 31/1/95 the following information was ascertained;
(i) rent for shop ₦12,000 paid for the year
(ii) Total purchases ₦15,000
(iii) Total sales ₦8,200
(iv) Stock of goods left ₦10,000
(v) paid sales boy ₦500