ACCOUNT OBJ
1 -10DCBDDCDBDB
11-20BCABDCCABD
21-30ABBBDABBAD
31-40DADCDBCBDB
41-50BAACCCBADD

Account
(1ai)
Prime cost:They are expenditure which can be
charged directly to a particular unit.It can be
identified with a particular unit of output eg direct
labour, direct expenses, direct material
(1aii)
Factory overhead:They are necessary for production
which are not directly traceable to a particular
quantity of physical unit eg factory cost,indirect
wages
(1aiii)
Work in progress:It consist of partly finished or work
not yet completed.The opening cost of work in
progress is added to the cost of production while the
closing cost of work in progress is deducted
(1b)
-Selling expenses
-Distribution expenses
-Administration expenses
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(2a)
Purpose of public sector Accounting
I)For decision making process
Ii)Serves as a basis for controlling expenditure and revenue
Iii)For planning purposes
Iv)The account will show the financial accountability of the government

(2b)
CAPITAL EXPENDITURE;-
I)Sinking of boreholes
Ii)Purchase of refuse disposal van
Iii)Repairs to public buildings
V)Purchase of incubators

RECURRENT EXPENDITURES;-
I)Purchase of vaccines
Ii)Maintenance of vehicles

(2ci)
ACCOUNTANT GENERAL;-
I)He compiles the annual financial statement
Ii)He ensures accountability
Iii)He ensures the security of money
Iv)He is responsible for the general supervission of all the accounts of ministries and parastatals
V)He controls all the resources of all departments and ministries
Vi)Maintenance of proper books of recoreds

(2cii)
BOARD OF INLAND REVENUE;-
I)Prosecution of tax evaders
Ii)Collection of personal income tax
Iii)Collection of excise duties
Iv)Ensures uniformity in the assessment of tax
V)Responsible for the admistrative guidance and directive of each state internal service.
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(4)
trading profit & loss a/c for the yr end 31/12/2010

debit side:
stock(9876)
purchases(26220)
36096
returns outwards(1172)
34924
carriage onwards(294)
35218
stock(12466)
22752
gross profit(2105
N43,810
interest on loan 6% 0f 4000=240
wages&salaries(6785+270)=7055
sundry exp(1942)
rates(141)
insurance(179-3 =141
bad debt(384)
lightning (39
motor exps(321)
travelling exp(872)
discount allowed(200)
provision(120)

depreciation
plant & m(10% * 8740) 874
8562
21300

credit side
sales(43894)
pet inwards(84)
43810
G.profit(2105
discount recd(242)
21300
21300
Balance sheet as at 31/12/2010
Debit side br /> capital(22000)
8562
30562
drawing(177
28784
loan(4000)

current liabilities
creditors(5112)
int on loan(240)
salaries(270)
bank(5622)
4500
42906

credit side
premises(10000)
plant & mach(8740),
less depreciation(874)
7866
17866

current asset
stock(12466)
debtors(12860)-provision=12260
insurance(3
cash(270)
25034
42906
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(7)
Appropriatio account for the year ended 31/12/2009

debit side
interest on capital
Bala(5/100 *
100,000)=5000
Boye(5/100 * 25000)=1250
int on nety profit boye 10%
(10/100 * 101745)

share of profit
bola(4/5 * 91570)=73256
boye(1/5 * 91570)=18314
N113960

credit side
net profit(112910)

int on drawings
bala(650)
boye(400)
113960

Current account

debit side

drawings:bala
(50000),boye(15000)
interest on drawings:bala(650),boye(400)
bal c/d:bala(33171), boye(34039)

credit side
bal: bala(5300),boye(14000)
int on capital: bala(5000),boye(1250)
int on curr acct: bala(265),boye(700)
salary:bala(-),boye(5000)
int on net profit:bala(-), boye(10175)
share of profit: bala(73256), boye(18314)
total:bala(83821),boye(49439)
bal bld:bala(33171), boyr(34039)

===COMPLETED===