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 41:
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 42: A source of revenue that is compulsory payment without any derived benefit is?
Options:
A) fees
B) taxes
C) fines
D) royalties
Show Answer
The correct answer is C .
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Question 43: The accumulation fund of a non-trading concern can equally be referred to as?
Options:
A) members' equity
B) share capital
C) general fund
D) surplus fund
Show Answer
The correct answer is A .
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Question 44: You add the following when starting with the balance as per cash book when preparing the bank reconciliation statement except
Options:
A) Unpresented
B) Dividend
C) Uncredited cheque
D) credit transfer
Show Answer
The correct answer is C .
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Question 45: The principle of double entry system ensures?
Options:
A) mathematical accuracy in trial balance
B) balances at the bank
C) increase in the assets and liabilities
D) balance of cash account
Show Answer
The correct answer is A .
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Question 46:
Use the following Information to answer this question.
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st Dec 31st Purchase of Raw Materials Manufacturing Wages Depreciation: Factory equipment Direct expenses Factory Fuel Carriage inwards on Raw Materials | ₦ 50,640 71,380 32,160 29,640 145,000 52,000 16,500 12,500 7,000 7,000 |
Cost of raw materials consumed is
Options:
A) ₦53,000
B) ₦150,000
C) ₦152,120
D) ₦148,120
Show Answer
The correct answer is C .
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Question 47:
Five hundred naira monthly is allowed on an imprest system. The following transactions took place.
Period 1:
Cash advanced to petty cashier......₦500
Petty cashier paid out: stamp.......₦200
Newspaper...........................₦250
Period 2:
Cash to petty cashier...............₦450
Cashier paid for writing materials..₦350
What was the balance of cash with the petty cashier ata the end of period 1?
Options:
A) ₦50
B) ₦200
C) ₦300
D) ₦450
Show Answer
The correct answer is A .
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Question 48: If a sole proprietorship is purchased for cash, then?
Options:
A) the purchaser debits his business purchase account with the consideration he pays
B) all assets and liabilities must be bought
C) goodwill results where value of assets
D) the vendor debits his business purchase account with the considerstion he receives
Show Answer
The correct answer is A .
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Question 49: Cost reports for the intention of management should reflect?
Options:
A) as much details as possible
B) summary figures only
C) details of non-controllable expenses
D) cost and comparable data useful in decision-making
Show Answer
The correct answer is D .
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Question 50:
The cost price method is applicable when_____
Options:
A) Goods are sold at specific prices
B) goods are perishable
C) goods attract different gross profit percentage
D) to disclose gross profit or loss
Show Answer
The correct answer is B .