Find Related Questions by Tags, levels, etc.
The number of units of goods produced when utilizing x units of labor and y units of capital is given by:
How many units of goods will be produced by using 81 units of labor and 256 units of capital?
A. 2,880
B. 2,908
C. 2,960
D. 5,360
E. 8,640
Find Related Questions by Tags, levels, etc.
When duties to be carried out by each partner are of equal value but the capital contributed is unequal, it is:
A. Unreasonable to pay interest on the partners’ capital out of profit
B. Reasonable to pay interest on the partners’ current account out of profit
C. Reasonable to pay interest on the partners’ loan account out of profit
D. Unreasonable to pay interest on the partners’ current account out of profit
E. Reasonable to pay interest on the partners’ capital out of partnership profit
Find Related Questions by Tags, levels, etc.
If the opening capital is higher than the closing capital, the business has made:
A. Profit during the year
B. Profit during the year before changes in equity
C. Loss during the year after adjustment for non-current assets
D. Loss during the year before adjustment for drawings
E. Profit during the year without adjustment for drawings
Find Related Questions by Tags, levels, etc.
Which of these is NOT a characteristic of bonus issue?
A. Increasing capital without diluting current shareholdings
B. Capitalising reserves, so that they cannot be paid as dividends
C. Not raising cash
D. Generating new shares
E. Could jeopardise payment of future dividend if profit declines
Find Related Questions by Tags, levels, etc.
Using the following financial figures, calculate the capital:
Motor Van – N50,000
Furniture – N25,000
Cash – N12,500
Payables – N35,000
Loan is 30% of Payables
What is the Capital?
A. N34,500
B. N42,000
C. N52,500
D. N75,000
E. N95,000
Find Related Questions by Tags, levels, etc.
A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital and drawings during the year were N225,000, N260,000 and N10,000 respectively. Determine the profit for the period:
A. N25,000
B. N45,000
C. N55,000
D. N65,000
E. N75,000
Find Related Questions by Tags, levels, etc.
A business proprietor failed to maintain proper records, but you managed to ascertain that his opening capital, closing capital, and drawings during the year were ₦225,000, ₦260,000, and ₦10,000 respectively.
How much will be the profit during the period?
A. ₦45,000
B. ₦50,000
C. ₦270,000
D. ₦485,000
E. ₦495,000
Find Related Questions by Tags, levels, etc.
The following information is obtained from the books of a sole trader:
(i) Opening capital as at January 1, 2015 N300,000
(ii) Closing capital as at December 31, 2015 N65,000
(iii) Additional capital introduced during 2015 N120,000
(iv) Cash withdrawn during 2015 N320,000
Calculate the profit or loss during the period.
A. N285,000 loss
B. N35,000 loss
C. N35,000 profit
D. N225,000 profit
E. N522,500 profit
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The following balances were extracted from the books of Omoba Enterprises as at 31 December 2013:
| Details | N’000 |
|---|---|
| Accumulated depreciation | 85,000 |
| Administrative expenses | 775,000 |
| Accounts payables | 585,000 |
| Subscription | 15,000 |
| Rent and rates | 130,000 |
| Accounts receivables | 475,000 |
| Postage and stationery | 125,000 |
| Newspapers & periodicals | 40,000 |
| Utility | 35,000 |
| Allowances for Bad debt | 85,000 |
| Property, plant and equipment | 925,000 |
| Retained earnings | 575,000 |
| Audit fees | 85,000 |
| Revenue | 2,500,000 |
| Cost of sales | 800,000 |
| Other income | 82,000 |
| Cash and bank balances | 882,000 |
| Capital | 375,000 |
Required:
i. Use the information above to extract a trial balance of Omoba Enterprises as at 31 December, 2013. (12 Marks)
ii. Use the information below to recompute the entity’s capital for the period under review:
Find Related Questions by Tags, levels, etc.
Where there is no partnership agreement, any capital contribution in excess of the agreed amount attracts:
A. No interest
B. Interest at the rate of 2 1/2% per annum
C. Interest at the rate of 5% per annum
D. Interest at the rate of 10% per annum
E. Interest at the rate of 20% per annum
Find Related Questions by Tags, levels, etc.
Nkaagi, your long-time family friend who is an Engineer by profession, recently took over as the Chief Executive Officer of Wakawaka Investment Ltd, a company listed on the Ghana Stock Exchange. He has on several occasions complained about the many legal requirements they have had to contend with and has now approached you for advice on the benefits to be derived from converting a public limited liability company into a private limited liability company.
Required:
i) Explain what a public limited liability company means to Nkaagi. (4 marks)
ii) Explain TWO (2) features of a private limited liability company. (6 marks)
Find Related Questions by Tags, levels, etc.
a) The IASB Conceptual Framework describes the fundamental qualitative characteristics of useful financial information.
Required:
State and explain the TWO (2) fundamental qualitative characteristics. (10 marks)
b) Kofi Mensah started a furniture business on January 1, 2018, and undertook the following transactions during the year:
Note: All monies paid and received were through the bank account.
Required:
Post the above transactions to the following ledgers in the books of Kofi Mensah:
i) Bank account (3 marks)
ii) Inventory account (2 marks)
iii) Capital account (1 mark)
iv) Kwame account (2 marks)
v) AA Ltd account (2 marks)
Find Related Questions by Tags, levels, etc.
Elevate your professional expertise across key business domains with our comprehensive training programs
Follow us on our social media and get daily updates.
This feature is only available in selected plans.
Click on the login button below to login if you’re already subscribed to a plan or click on the upgrade button below to upgrade your current plan.
If you’re not subscribed to a plan, click on the button below to choose a plan