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 61: Which of the following is among the categories of government cash book?
Options:
A) Receipt cash book
B) Payment cash book
C) Petty cash book
D) Treasury cash book
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The correct answer is D .
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Question 62:
(i) Profits and looses will be shared unequally.
(ii) Interest is not allowed on capital.
(iii) Salaries are not allowed.
(iv) Interest is charged on drawings.
From the above, which of the following would apply where there is no agreement during partnership formation?
Options:
A) i only
B) i, ii and iii
C) i, ii and iv
D) ii and iii
Show Answer
The correct answer is C .
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Question 63: A source of revenue that is compulsory payment without any derived benefit is?
Options:
A) fees
B) taxes
C) fines
D) royalties
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The correct answer is C .
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Question 64: The excess revenue over expenditure is charged to
Options:
A) profit and loss
B) revenue account
C) accumulated fund
D) income and expenditure acccount
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The correct answer is C .
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Question 65:
Halal Limited with three departments has a total of ₦7,200,000 as net debtors for the year ended 31/12/97.
The company's policy provides for 15% bad debt annually. Which of the following represents the total balance of debtors before adjustment?
Options:
A) ₦6,120,000
B) ₦6,120,300
C) ₦8,280,000
D) 8,820,000
Show Answer
The correct answer is A .
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Question 66: Discounts granted branch customers are treated as a debit to branch?
Options:
A) stock account and a credit to branch debtors'account
B) discount account and a credit to branch bank account
C) stock account and a credit to branch bank account
D) discount account and a credit to branch debtors' account
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The correct answer is D .
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Question 67:
The objective of departmentalization is to
Options:
A) ensure that departmental managers are adequately monitored
B) record transactions for each department for better documentation
C) tackle any recording problem as a result of expansion
D) evaluate the profit of different departments
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The correct answer is D .
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Question 68:
Which of the following is used to service all operations of government?
Options:
A) general reserve fund
B) consolidated revenue fund
C) special operational fund
D) consolidated reserve fund
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The correct answer is B .
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Question 69:
Given:
..............Rich Social Club...........
Cash.........................₦100,000
Loan ........................₦30,000
Subscription in arrears......₦5,000
Subscription in advance......₦15,000
What is the accumulation fund?
Options:
A) ₦60,000
B) ₦80,000
C) ₦90,000
D) ₦110,000
Show Answer
The correct answer is A .
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Question 70:
If the purchase price exceeds the net assets of a company, the excess amount is debited to________________
Options:
A) Cash account
B) purchase account
C) goodwill account
D) sales account
Show Answer
The correct answer is C .