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 1371:
Which of the following is used in the public sector to monitor or control government expenditure?
Options:
A) sales day book
B) cash book
C) cheque
D) vote book
Show Answer
The correct answer is D .
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Question 1372:
The following information is provided for Amusa company limited, a manufacturer
Prime cost ₦999,000
Manufacturing overhead ₦132,000
Closing work in progress ₦75,000
Values of finished goods transferred to the trading account ₦1,116,000
If including in the manufacturing overhead were rents of ₦5,000 paid in advance, what is the opening work in progress for the period?
Options:
A) ₦85,000
B) ₦80,000
C) ₦70,000
D) ₦65,000
Show Answer
The correct answer is D .
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Question 1373: The document setting out the regulations regarding shares, meetings and internal organization of a company is known as
Options:
A) memorandum of association
B) article of association
C) prospectus
D) company law
Show Answer
The correct answer is B .
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Question 1374:
Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840Calculate the acid test ration
Options:
A) 1:94:1
B) 1:96:1
C) 1:1:94
D) 1:1:96
Show Answer
The correct answer is B .
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Question 1375:
Use information below to answer this question.
Capital: opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
Administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?
Options:
A) ₦535,650
B) ₦628,300
C) ₦637,950
D) ₦647,600
Show Answer
The correct answer is D .
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Question 1376: From which of the following sources are creditors control account most likely to be posted?
Options:
A) supplier's invoices
B) cash disbursements journal
C) subsidiary debtors ledger
D) purchases journal
Show Answer
The correct answer is D .
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Question 1377: Departmental accounts are prepared to aid the comparison of the?
Options:
A) previous year's transactions
B) daily profits
C) workers' performances
D) management performances
Show Answer
The correct answer is C .
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Question 1378: Which of the following events increases a corporation's shareholders equity?
Options:
A) Donation of shares out of the corporation's own stock to the corporation
B) The corporation's purchase of treasury stock
C) Shares of previously subscribed stock issue to subscribing stockholders
D) A municipality donation of land to the corporation
Show Answer
The correct answer is A .
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Question 1379: The factory cost of producing goods is made up of
Options:
A) prime cost and factory overhead
B) prime cost and office overhead
C) raw materials consumed and fixed cost
D) Raw materials and administrative overhead
Show Answer
The correct answer is A .
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Question 1380:
Use the information below to answer question
Palaju Enterprises had fixed assets costing ₦900,000 with provision for depreciation of ₦150,000 were disposed of during the period. Fixed assets of ₦100,000 were added during the year. Provision for depreciation was ₦350,000 at the beginning of the year and ₦300,000 at the end of the year.What was the value of fixed assets at the beginning of the year?
Options:
A) ₦2,900,000
B) ₦3,800,000
C) ₦3,900,000
D) ₦4,000,000
Show Answer
The correct answer is C .