ACC211 Test - First Semester 2021/2022

Total points 7/20

This quiz is made up of 20 multiple-choice questions divided into 4 sections. Each

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Matric No. *

21D/207ACC/495

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A bought goods costing N200,000. B sold 4/5th of goods for N250,000. 0/1
Balance goods were taken over by B at cost less 20%. Find out profit on venture:

N82,000

N90,000

N50,000
 None

X and Y enter into a joint venture. X supplied goods to Y worth N70,000. X 0/1
incurred expenses amounting to N6,000 on joint venture. The venture resulted in
a total profit of N15,000 of which their ratio of distribution is 2:1. The entire sale
proceeds were received by Y. Amount received by X from Y in final settlement
will be:

N85,000

N86,000

N80,000

N75,000

The relationship between a consignor and a consignee is that of: 1/1

Principal and agent

Buyer and seller

Landlord and tenant

Driver and conductor

Joint venture account is a 0/1

Personal account

Real account

Nominal account
 Nominal account

None

A in joint venture with B, purchased goods costing N200,000. B sold most of 0/1
the goods for N280,000. Unsold material costing N10,000 was taken over by A
at N8,000. A is entitled to get 1% commission on purchases. B is entitled to get
2 % commission on sales, Profit on venture will be

N80,000

N80,800

N81,200

N80,400

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Where no document of title of goods are enclosed to the bill, it is called 0/1

Clean bill

Demand bill

Trade bill

Accommodation bill

Over-riding commission is calculated on: 0/1

Cash sales
 Credit sales only

Sales at higher price

Credit sales less cash sales.

Which of the following facilitates business expansion without much initial cost 1/1
and additional ongoing expenses?

Bill of exchange

Joint venture

Voyage

Consignment

When a bill is dishonoured, the account debited in the book of drawee is? 0/1

Acceptor's account

Creditor's account

Bills payable account

None of the above

Profit or loss on voyage account is transferred to: 0/1

Profit and loss account of shipping company

(b) Balance sheet

(c) Trail balance

(d) None of these

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If the opening and closing stock is N20,000 each, purchases are N50,000, 1/1
manufacturing expenses are N10,000 and sales N90,000,the gross profit will be
..............................

10,000

20,000

30,000

40,000

commission is paid for promoting a new product in the market 1/1

or achieving a specific sales target.

Overriding

Sales

Del-credere

Nil

P sends out goods costing N300,000 to Y at cost + 25%, consignor’s expenses 0/1
is N5,000. 1/10th of goods were lost in transit. Insurance claim received N3,000.
The net loss on account of abnormal loss is:

N27,500

N25,500
 N30,500

N38,000

Goods sent out on consignment is N760,000. Opening consignment stock 1/1

N48,000. Cash sales N750,000. Consignor’s expenses N30,000. Consignee’s
expenses N22,000. Commission N20,000. Closing consignment stock
N270,000. The profit on consignment is:

N150,000

N144,000

N92,000

None of the above

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How will you describe a voyage accounts? 1/1

An expense in a voyage account

A profit and loss account in a voyage

a revenue account in a voyage

None of the above

P sold goods to Q on consignment. Q sold the goods to R. R sold the goods to S.0/1
Who is the debtor in the books of P

S
 Q

All of the above

If goods are invoiced to a branch at cost plus 33⅓%. What is the cost price if the0/1
invoiced price is N12,000?

N6,900

N9,600

N9000

N9,690

Goods sent to a branch at cost + 33.33%. The percentage of loading on invoice 1/1
price will be

25%

33.33%

20%

None of the above.

What is the difference between joint ventures and partnerships? 0/2

Partnerships are usually formed with a partnership agreement whereas joint venture
may not necessarily have an agreement in place.

Partnerships are designed to last for the life of the business whereas joint ventures
are not meant to last for ever

Joint ventures are limited in their scope and what they can accomplish, in contrast,
partnerships can be huge
All of the above

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