The objective of departmentalization is to
Ensure that departmental managers are adequately monitored
Record transactions for each department for better documentation
Tackle any recording problem as a result of expansion
Evaluate the profit of different departments
Correct answer is D
The preparation of departmental accounts will show which department is most profitable and may guide in decision making process as to which department must be closed down in some organizations.
A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is
₦20,000
₦6,000
₦6,174
₦10,000
Correct answer is C
No explanation has been provided for this answer.
One of the objective of maintaining the account of a branch at the head office is to
To access the performance of the branches
Check the excesses of customers
Record charges in shareholdings
Record charges in liabilities
Correct answer is A
Branch account enables control to be exercised by management over the affairs of the branch.
The instrument isued by the Minister who authorized an officer to incure expenditure is a/an
Warrant
Budget
Impurest
Consolidated fund
Correct answer is A
Warrant is the only authority through which money is expended in government.
Ministry of Finance
Accountant General
Revenue office
Auditor General
Correct answer is D
The Auditor General ensures that all money collected is properly accounted for and that the records comply with the rules and regulations.