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 461: An examination of the cash book on 3rd August 1993 showed a different balance from the bank statement of 31st July, 1993 which read ₦722. Uncredited cheques were Bimpe ₦40; Wale ₦60 while unpresented cheques were; Usman ₦20, Kalu ₦32 and Musa ₦70. What is the cash book balance after the reconciliation?
Options:
A) ₦700
B) ₦770
C) ₦800
D) ₦822
Show Answer
The correct answer is A .
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Question 462:
Use the information to answer questions 40 and 41.
Capital balances b/d:.....P.............₦20,000
..........................K.............₦10,000
Drawings:.................P.............₦2, 000
..........................K.............₦1, 000
Share of profits:.........K.............₦4, 000
..........................K.............₦2, 000
Salary....................P.............₦1, 000
Interest on drawings:.....K.............₦100
..........................K.............₦20
Assuming that the partnership maintains a fixed capital, what is P's closing capital?
Options:
A) ₦25,000
B) ₦24,900
C) ₦22,900
D) ₦20,000
Show Answer
The correct answer is D .
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Question 463: Costs that vary in proportion to the level of production in a manufacturing environment are known as?
Options:
A) control costs
B) overheads
C) direct costs
D) indirect costs
Show Answer
The correct answer is C .
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Question 464: The tier of government that uses financial memorandum
Options:
A) Federal government
B) state government
C) local government
D) municipal government
Show Answer
The correct answer is C .
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Question 465:
A fall or decrease in the economic service potential of an asset as a result of wear, tear and obsolescence is referred to as
Options:
A) Estimate
B) Depreciation
C) Asset
D) Useful Life
Show Answer
The correct answer is B .
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Question 466:
Danladi Bako's Statement of Affairs as at 30/06/17
| | ₦ | | ₦ |
| Capital | ?? | Fixtures and fittings | 4,000 |
| | | Stock | 20,500 |
| | | Sundry debtors | 40,000 |
Creditors | 18,000 | Bank | ?? |
| | 78,650 | | 78,650 |
What is his bank balance as at 30/06/17?
Options:
A) ₦14,150
B) ₦18,500
C) ₦15,300
D) ₦65,150
Show Answer
The correct answer is A .
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Question 467:
Sales - #232,000
Opening stock - ₦28,000
Purchases - #128,000
Carriage inwards - ₦4,000
Carriage outwards - ₦6,000
Closing stock - ₦10,000
Discount received - ₦18,000
Expenses - ₦20,000Calculate the gross profit
Options:
A) #100,000
B) #86,000
C) #82,000
D) #76,000
Show Answer
The correct answer is C .
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Question 468:
One of these is not a similarity between Joint Venture and Partnership.
Options:
A) AIM is profit making
B) It is for a specific venture
C) Involves two people
D) have rights and duties
Show Answer
The correct answer is B .
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Question 469: A proprietor started business with #13,000. Assets and liabilities at the end of the year; fixed assets #8,800, stock #, 600, debtors #1,000, cash #3, 000 and creditors #1,000. Determine the profit for the year?
Options:
A) #2,400
B) #3,000
C) #9,800
D) #1,400
Show Answer
The correct answer is D .
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Question 470: Which of the following is a strong feature of partnership?
Options:
A) The life of the partnership is generally assumed to be indefinite
B) The owners are liable personally for all debts of the business
C) The transfer of ownership interest is frequent and easy to accomplish
D) The partnership is complex to form because of many legal and reporting requirements
Show Answer
The correct answer is B .