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 291:
Transfers from the head office to branches are best carried out at__________
Options:
A) Cost price
B) Cost plus mark up
C) Selling price
D) Market price
Show Answer
The correct answer is B .
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Question 292:
The amount paid by the new partner on admission as a compensation for the reputation built up by old partners is a
Options:
A) Bonus
B) Good will
C) Premium
D) Commission
Show Answer
The correct answer is B .
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Question 293:
The accounting method that reports incomes when earned and expenses when incurred is called
Options:
A) accrual accounting
B) cash accounting
C) fund accounting
D) commitment accounting
Show Answer
The correct answer is A .
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Question 294:
A club received rent ₦10,000 and donation ₦30,000. It paid ₦6,000 for entertainment and is still owing ₦16,000.
The balance of the payments account is?
Options:
A) ₦24,000
B) ₦22,000
C) ₦34,000
D) ₦38,000
Show Answer
The correct answer is C .
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Question 295: In manufacturing account, depreciation of office machine is charged to
Options:
A) trading account
B) appropriation account
C) balance street
D) profit and loss account
Show Answer
The correct answer is D .
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Question 296: The principal function of a sales ledger control account is to?
Options:
A) serve as internal check and provide quick information for the preparation of interim financial statements
B) serve as external check and provide quick information for the preparation of interim financial statements
C) provide quick information for the preparation of customers' statement
D) provide information for the control of salesmen's activities
Show Answer
The correct answer is C .
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Question 297: Which of the following is an example of intangible assets?
Options:
A) trade debtors
B) stock of goods
C) trade creditors
D) motor vehicles
Show Answer
The correct answer is A .
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Question 298:
Given:
Total debtors b/d 31/12/99...............₦25 000
Cheques received from debtors ...........₦255 000
Total debtors c/d 31/12/00...............₦15 000
Determine the sales figure?
Options:
A) ₦295 000
B) ₦265 000
C) ₦245 000
D) ₦215 000
Show Answer
The correct answer is C .
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Question 299:
Use the information below to answer the question.
Beginning inventory............N?
Purchases......................N?
Ending inventory...............₦4,800
Sales..........................₦12,800
Wages..........................₦1,040
Gross profit...................₦5,900
The beginning inventory was estimated at 80% of sales.
Determine the amount for the beginning inventory.
Options:
A) ₦20,140
B) ₦10,240
C) ₦8,140
D) ₦7,240
Show Answer
The correct answer is B .
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Question 300: If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?
Options:
A) #4,500
B) #8,550
C) #9,000
D) #9,450
Show Answer
The correct answer is B .