financial accounting yr 11

The principle of double entry ensures

• mathematical accuracy in the trial balance
• balance at the bank
• increase in the assets and liabilities
• balance of cash account

₦ opening stock of raw materials 75,000 purchase of raw materials 330,000 closing stock of raw materials 80,000 direct wages 30,000 carriages of raw materials 10,000 Calculate the cost of raw materials used

• ₦495,000
• ₦415,000
• ₦335,000
• ₦ 305,000

Trading account for the year ended 31st December 2009 ₦ Opening stock 32000 Purchases 40000 Carriage Inwards 1000 Less returns 2000 Cost of goods available for sale ??? Less closing stock 9000 Cost of goods sold ??? Sales 48000 Returns 2000 Find the average stock for the period.

• ₦27 000
• ₦23 000
• ₦ 28 000
• ₦ 20 500

Trading account for the year ended 31st December 2009 ₦ Opening stock 32000 Purchases 40000 Carriage Inwards 1000 Less returns 2000 Cost of goods available for sale ??? Less closing stock 9000 Cost of goods sold ??? Sales 48000 Returns 2000 Calculate the cost of goods sold.

• ₦61 000
• ₦58 000
• ₦ 62 000
• ₦57 000

The costs that are directly traceable to the goods being produced is

• partly manufactured goods
• overhead cost
• total factory expenses
• prime cost.

The production cost that does not form part of the product but is incidental to production and facilitates the production activities is the

• prime cost
• indirect cost
• total cost
• direct cost.

Work-in-progress is the ___.

• value of partly finished goods
• value of finished goods on hand
• sales less cost of goods sold
• value of goods produced.

The transactions relating to liquidation in partnership account is drawn by using __.

• current account
• cash account
• capital account
• realization account.

The major point of agreement carried by the partnership deed is__.

• 5% interest per annum on any loan
• an oral agreement among the partners
• method of inheritance by the partners' children
• the profit and loss sharing ratio of the partners.

Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2 Capital - Keme ₦20,000 - Kemi ₦10,000 Drawings - Keme ₦ 2,000 - Kemi ₦ 3,000 Profit ₦ 6,000 Interest on capital 10% Interest on drawings 10% The interest on Kemi's capital is

• ₦1 000
• ₦2 000
• ₦4 500
• ₦3000