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 411:
Marhumu and Yusuf are in partnership sharing profits and losses in the ratio of 2:1. On 31/3/2000, the partnership decided to admit Idris who is to take 1/4 of future profits without changing the ratio of Marhumu and Yusuf.
What is the new profit-sharing ratio of Marhumu and Yusuf?
Options:
A) 50% : 25%
B) 50% : 20%
C) 25% : 50%
D) 25% :25%
Show Answer
The correct answer is A .
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Question 412: When assets are realized during a partnership dissolution, the entries for the proceeds are to debit?
Options:
A) cash account and credit realization account
B) rassets account and credit realization account
C) realization account and credit realization account
D) assets account and credit cash account
Show Answer
The correct answer is A .
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Question 413:
Which of the following are advantages of departmental accounts?
Options:
A) the capital of the business can be calculated easily
B) easy knowledge of the sources of funding
C) encouragement of healthy rivalry among the various department
D) the department making the highest profit can be easily determined
Show Answer
The correct answer is D .
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Question 414: The journal entries for the purchase of stock on credit are to debit?
Options:
A) stock account and credit cash account
B) stock account and credit liability account
C) ourchase account and credit liability account
D) suspense account and credit cash account
Show Answer
The correct answer is C .
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Question 415:
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
Calculate the sales figure
Options:
A) ₦245,000
B) ₦215,000
C) ₦295,000
D) ₦265,000
Show Answer
The correct answer is A .
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Question 416:
Use the information below to answer the question
Capital ...................₦2000
Bank ......................₦1200
Purchase ..................₦2500
Sales .....................₦6700
Stock .....................₦1300
Creditors .................₦1000
Fixed assets...............₦3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
Compute the amount withdrawn
Options:
A) ₦2000
B) ₦1500
C) ₦1250
D) ₦1000
Show Answer
The correct answer is D .
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Question 417:
Dr. Sales Ledger Control Account . Cr
| ₦ | | ₦ |
| Bal b/f | 3,250 | Bal b/f | 125 |
| Sales | 19,075 | Bank | 16,387.50 |
Dishonoured cheque | 625 | Discount | 862.50 |
Stopped cheque | 250 | Returns inwards | 325 |
| Bal c/d | 230 | Set off | 900 |
| | Bal c/d | 4740 |
| 23430 | | 23430 |
| Bal b/d | 4740 | Bal b/d | 230 |
The amount ₦19,075 represents
Options:
A) the double entry for the total sales account
B) total sales for the month
C) credit sales
D) cash sales for the month
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The correct answer is C .
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Question 418: The statement of affairs prepared from incomplete records can be described as?
Options:
A) the summary of all the business transactions of the trader ascertained by the accountant
B) a balance sheet at a particular date showing the assets and liabilities of the business
C) a schedule of all the business ventures entered into for the period to which the records relates
D) the statement that shows the profit or loss made during the period
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The correct answer is B .
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Question 419: Salaries in arrears is treated in the balance sheet as a
Options:
A) current asset
B) current liability
C) fixed asset
D) long term liability
Show Answer
The correct answer is B .
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Question 420: The market value of goods produced is?
Options:
A) ₦30,500
B) ₦30,600
C) ₦31,600
D) ₦31,620
Show Answer
The correct answer is B .