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 271: A government accounting systems must make sure that
Options:
A) revenue exceeds expenditure
B) all applicable legal provisions are complied with
C) capital expenditure is equal to revenue
D) capital project fund is tied to recurrent expenditure
Show Answer
The correct answer is B .
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Question 272: If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?
Options:
A) overstate income this year and understate in next year
B) understate income this year and overstate in next year
C) understate this year's income with no effect on the next year's
D) overstate the income for the two-year period
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The correct answer is A .
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Question 273:
Use the information below to answer question
Given: 31/12/98 31/12/99
Assets: Plant and Mach. ₦1,500 ₦1,200
Fixtures ₦700 ₦520
Stock ₦500 ₦600
Debtors ₦900 ₦400
Cash ₦200 ₦300
Liabilities: Creditor ₦500 ₦600
Loan ₦600 ₦400
Determine the total fixed assets from the opening balance sheet?
Options:
A) ₦2,200
B) ₦2,020
C) ₦1,720
D) ₦2,070
Show Answer
The correct answer is B .
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Question 274: What is the consolidated revenue fund balance?
Options:
A) ₦1100,000
B) ₦680,000
C) ₦440,000
D) ₦410,000
Show Answer
The correct answer is A .
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Question 275:
Given:
Light expenses...................₦400
Purchases........................₦3,000
Sales............................₦1,200
Creditors........................₦2,250
Debtors..........................₦50
Calculate the total of the trial balance?
Options:
A) ₦4,250
B) ₦3,500
C) ₦4,300
D) ₦3,450
Show Answer
The correct answer is D .
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Question 276:
Use the information below to answer questions
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720
What is the gross profit carried to the profit and loss account?
Options:
A) ₦1820
B) ₦1640
C) ₦1530
D) ₦1870
Show Answer
The correct answer is A .
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Question 277:
Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?
Options:
A) ₦10,000m
B) ₦12,000m
C) ₦90,000m
D) ₦11,000m
Show Answer
The correct answer is A .
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Question 278:
Use the information below to Answer questions 46 and 47.
Among Limited invoiced goods at a cost of ₦10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth ₦1,200 at invoice price to the head office.
The profit marginal should be?
Options:
A) debit to goods sent to branch account
B) debit to branch stock adjustment account
C) credit to branch adjustment account
D) credit to branch stock adjustment account
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The correct answer is D .
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Question 279:
Which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business?
Options:
A) decrease in the closing balance of sales ledger control accout
B) increase in net profit
C) increase in the value of sales
D) decrease in the value of purchases in the trading account
Show Answer
The correct answer is A .
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Question 280: Fatima withdraws goods from the business for personal use. the accounting treatment is to debit?
Options:
A) stock account and credit profit and loss account
B) drawings account and credit stock account
C) profit and loss account and credit drawing account
D) stock account and credit drawings account
Show Answer
The correct answer is B .