Accounts, also called Principles of Accounts by some exam boards, focuses on the organized and thorough recording of a business's financial transactions.
-
Question 1321:
Sule and Ahmed are in partnership sharing profit and losses equally. If Khadija is admitted as a new partner to take 1/5 th as her share. What is the new profit or loss sharing?
Options:
A) Sule1/3, Ahmed1/3, Khadija 1/3
B) Sule1/3, Ahmed1/3, Khadija 1/3
C) Sule1/5, Ahmed1/5, Khadija3/5
D) Sule2/5, Ahmed1/5, Khadija2/5
Show Answer
The correct answer is B .
-
Question 1322:
Use the information below to answer the question
Total sales of ticket.......................₦300 000
Amount received from the sales..............₦260 000
Cash purchase of club house.................₦100 000
Credit purchase of equipment ...............₦60 000
Electricity bill paid ......................₦5 000
Salaries owed ..............................₦2 000
What is the balance of the income and expenditure account?
Options:
A) ₦300 000
B) ₦293 000
C) ₦193 000
D) ₦133 000
Show Answer
The correct answer is B .
-
Question 1323:
The addition of prime cost, indirect cost and opening work- in-progress less the closing work-in-progress will result in cost of
Options:
A) goods manufactured
B) materials put into production
C) goods available for sale
D) goods sold
Show Answer
The correct answer is A .
-
Question 1324:
Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?
Options:
A) I,II and III only
B) I,II and IV only
C) II and IV only
D) II and III and IV only
Show Answer
The correct answer is B .
-
Question 1325:
Gross profit in the branch adjustment account is transferred to the branch____________
Options:
A) Income and expenditure account
B) profit and loss account
C) receipt and payment account
D) trading account
Show Answer
The correct answer is B .
-
Question 1326:
The objective of departmentalization is to
Options:
A) ensure that departmental managers are adequately monitored
B) record transactions for each department for better documentation
C) tackle any recording problem as a result of expansion
D) evaluate the profit of different departments
Show Answer
The correct answer is D .
-
Question 1327: Umar and Ahemed share profit and losses equally and have capital balances of ₦40,000 and ₦60,000 respectively. If bdullahi purchases one-third interest with no bonus, how much will he have to contribute to the partnership?
Options:
A) ₦33,333
B) ₦40,000
C) ₦44,444
D) ₦50,000
Show Answer
The correct answer is A .
-
Question 1328: Provision for discount allowed can be recorded as debit to?
Options:
A) the profit and loss account and a credit to provision for discount allowed
B) provision for discount allowed and a credit to the profit and loss account
C) discount allowed and a credit to the profit and loss account
D) expenses and a credit to customers' account
Show Answer
The correct answer is A .
-
Question 1329:
Use the information above to answer questions
Lighting..................₦2925
Rent......................₦2640
Salary....................₦4050
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
Find the salary charged to Zera product?
Options:
A) ₦1854
B) ₦1845
C) ₦1062
D) ₦1134
Show Answer
The correct answer is C .
-
Question 1330:
1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital
Options:
A) #8,700
B) #9,500
C) #9,700
D) #10,700
Show Answer
The correct answer is C .