Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.
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Question 1051:
(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?
Options:
A) i and ii
B) i, ii and iii
C) ii, iii and iv
D) iii and iv
Show Answer
The correct answer is A .
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Question 1052: Use the information below to answer this question.Dangote acquired Dantata’s business for ₦350,000. The total asset work were ₦820,000 and liabilities amounted to ₦640,000The double entry to record the goodwill in the books is debt
Options:
A) purchase of business account and credit cash account
B) goodwill account and credit purchase of business account
C) cash account and credit goodwill account
D) goodwill account and credit cash account
Show Answer
The correct answer is B .
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Question 1053:
Use the information below to answer the question
Purchases ledger opening balances ₦4,000
Sales ledger opening balances ₦6,000
Credit purchases during the year ₦25,000
Discounts allowed ₦1,000
Returns inwards ₦2,000
Credit sales during the year ₦10,000
Returns outwards ₦6,000
Calculate the sales ledger balance?
Options:
A) ₦3,000
B) ₦6,000
C) ₦10,000
D) ₦13,000
Show Answer
The correct answer is D .
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Question 1054: Gross profit in the branch adjustment account is transferred to the branch?
Options:
A) trading account
B) receipts and payments account
C) profit and loss account
D) income and expenditure account
Show Answer
The correct answer is C .
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Question 1055: Apart from the common control accounts, a control account can also be opened for?
Options:
A) sales account
B) purchases account
C) cash account
D) wages account
Show Answer
The correct answer is C .
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Question 1056: Which of the following is an item of special assets?
Options:
A) Fixed assets
B) Current assets
C) Trademark
D) Gratuity
Show Answer
The correct answer is C .
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Question 1057:
Use the information below to answer the question:
Direct labour...................₦50 000
Beginning work-in-progress......₦4 000
Raw materials used..............₦18 000
Indirect labour.................₦4 000
Ending finished goods...........₦16 000
Ending work-in-progress.........₦9 000
Factory supplies used...........₦7 000
Selling expenses................₦25 000
Beginning finished goods........₦21 000
Other factory overheads.........₦19 000
What is the cost of goods manufactured?
Options:
A) ₦117 000
B) ₦104 000
C) ₦97 000
D) ₦93 000
Show Answer
The correct answer is D .
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Question 1058: The term "accounting period" is used to refer to the
Options:
A) time span during which taxes are paid to the inland revenue board
B) budget period, usually one year, relied on by the accountant
C) time span, usually one year, covered by financial statement
D) period within which debtors are expected to settle accounts
Show Answer
The correct answer is C .
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Question 1059: Sai Baba made sales of ₦10,000 having computed his gross profit % to sales to be 20. His opening stock was ₦250 and ending stock is ₦200. Calculate his purchases.
Options:
A) ₦7950
B) ₦8050
C) ₦7050
D) ₦8950
Show Answer
The correct answer is A .
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Question 1060: The contribution marginal on a job is the?
Options:
A) gross profit
B) net profit
C) excess of sales revnue over variable costs
D) difference between fixed and variable costs
Show Answer
The correct answer is C .