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:
Given:Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period
Options:
A) ₦29,000
B) ₦31,500
C) ₦46,500
D) ₦50,000
Show Answer
The correct answer is A .
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Question 42:
Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.
₦ ₦
Paid up capital 200,000 Fixed assets 300,000
Share premium 15,000
Profit and loss account 60,000 Investment 180,000
Long-term loan 180,000 Stock 28,000
Debtors 90,000
Creditors 200,000 provision(3000) 87,000
Other current liabilities 100,000 Cash 60,000
Bank 100,000
755,000755,000
Determine the owner's equity
Options:
A) ₦275,000
B) ₦200,000
C) ₦755,000
D) ₦215,000
Show Answer
The correct answer is B .
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Question 43:
Use the information below to answer the question.
Subscription.....................₦5420
Canopy rent......................₦400
Wages............................₦1100
Post-ages........................₦300
Loss from bar....................₦160
Purchases of new furniture.......₦120
Premises.........................₦4000
Furniture at the beginning.......₦1120
What is the cash balance in the receipts and payments account?
Options:
A) ₦2 520
B) ₦2600
C) ₦3000
D) ₦120
E) No option
Show Answer
The correct answer is E .
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Question 44: Departmental accounts re maintained to ascertain the
Options:
A) profits of the entire organization
B) contribution of each department
C) expenses of each department
D) sales of each department
Show Answer
The correct answer is B .
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Question 45: The following appears in trading account except
Options:
A) sales
B) carriage outward
C) carriage inward
D) opening stock
Show Answer
The correct answer is B .
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Question 46: As part of the initial investment, a partner contributes office equipment that originally cost ₦20,000 and on which provision for depreciation of ₦12,500 had been recorded. If the partners agree on a valuation of ₦9,000 for the equipment, what amount should be debited to the office equipment account?
Options:
A) ₦7,500
B) ₦9,000
C) ₦12,500
D) ₦20,000
Show Answer
The correct answer is B .
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Question 47: The statement of assets and liabilities in the public sector can be described as the?
Options:
A) income and expenditure accountof government
B) appropriation account of government
C) balance sheet of government
D) funds flow statement of government
Show Answer
The correct answer is A .
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Question 48: If the total discount allowed in a cash book was ₦230 and the total discount received was ₦255, which of the following is true concerning the two discounts?
Options:
A) They must be balanced in the cash book and the difference taken to the debtors ledger
B) They must be balanced in the cash book and the difference taken to the trial balance
C) They should not be balanced in the cash book before being taking to the trial balance
D) They should not appear in the trial balance as they were already either received or paid out
Show Answer
The correct answer is D .
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Question 49:
The difference between double entry and single entry is
Options:
A) double entry is based on the dual concept while single entry is not based on dual concept
B) double entry is an account while single entry is not an account
C) double entry keeps personal account while single does not
D) double entry is useful for business enterprise while single entry is not
Show Answer
The correct answer is A .
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Question 50:
Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 %
You are required to calculate the sales
Options:
A) #55,000
B) #82,500
C) #27,500
D) #50,000
Show Answer
The correct answer is B .