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 681: The difference between book keeping and accounting is that while
Options:
A) book keeping interprets data, accounting records it
B) book keeping is regarded as the language of the business accounting ascertians its strength and weakness
C) book keeping records data accounting interprets it
D) book keeping summaries information accounting communicatesit
Show Answer
The correct answer is C .
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Question 682:
A partnership’s internal regulation are set out by________---
Options:
A) A constitution
B) A law
C) A deed
D) An article
Show Answer
The correct answer is C .
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Question 683:
The similarities between Receipts and payments and income and expenditure account is
Options:
A) Both accounts follows the principle of double entry
B) They are summaries of financial statements
C) Both include capital items
D) Both are prepared by non-profit making concern
Show Answer
The correct answer is C .
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Question 684: Which of these is the main source document for recording cash paid into bank?
Options:
A) invoice
B) cheque book
C) credit note
D) pay-in-slip
Show Answer
The correct answer is D .
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Question 685: The floor space occupied by manufacturing and administration departments in a company is 200 sqm and 300 sqm respectively. ₦20 000 rent incurred is shared using floor space occupied. How much is the rent chargeable to manufacturing?
Options:
A) ₦8 000
B) ₦10 000
C) ₦12 000
D) ₦18 000
Show Answer
The correct answer is A .
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Question 686: What was the cost of materials available for use during the period?
Options:
A) ₦487,100
B) ₦449,500
C) ₦448,500
D) ₦440,300
Show Answer
The correct answer is D .
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Question 687: The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?
Options:
A) Public Accounts Committee
B) Public Audit Committee
C) Internal Audit Committee
D) External Audit Committee
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The correct answer is A .
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Question 688:
Given:
Club trading profit ₦12,000
Members'' subscription ₦15,000
Profit on sale of fixed assets ₦2,500
Loss on sale of investments ₦1,000
Wages ₦16,500
Other expenses ₦10,000
Determine the club's excess of income over expenditure?
Options:
A) ₦500
B) ₦1,500
C) ₦2,000
D) ₦2,500
Show Answer
The correct answer is C .
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Question 689: Shares issued to a vendor in payment of business purchased would require a debit to?
Options:
A) cash account and credit to share capital account
B) share capital account and credit to vendor's account
C) vendor's account and credit to share capital account
D) share capital account and credit to cash account
Show Answer
The correct answer is C .
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Question 690:
Use information below to answer this question.
Capital: opening balance 307,000
Closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
Administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?
Options:
A) ₦535,650
B) ₦628,300
C) ₦637,950
D) ₦647,600
Show Answer
The correct answer is D .