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 851:
The beginning and ending accounts receivable balances were ₦20,000 and ₦30,000 respectively.
The collection from customers during the period was ₦70,000. What was the total sale on account?
Options:
A) ₦20,000
B) ₦60,000
C) ₦80,000
D) ₦120,000
Show Answer
The correct answer is C .
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Question 852:
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 .
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Question 853:
Purchasers - #44,880
Sales - #85,850
Trade creditors - #12,250
Trade debtors - #24,000
Accrued expenses - # 350
Prepaid expenses - # 700
Stock 1/1/2006 - #25,120
Stock 31/12/2006 - #27,840Calculate the acid test ration
Options:
A) 1:94:1
B) 1:96:1
C) 1:1:94
D) 1:1:96
Show Answer
The correct answer is B .
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Question 854:
Use the information to answer this question
Receipts and Payment Account (Extract)
N
Bal b/f 3650 Insurance 900
Subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650
The following information were given:
Rates owing Insurance prepaid Subscription in arrears | 1/199 3,600 50 700 | 31/12/99 2000 1000 600 |
The figure ₦1000 represent what in the balance sheet.
Options:
A) Assets
B) Liability
C) capital
D) Subscription
Show Answer
The correct answer is B .
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Question 855:
Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents.
From the above, which of the following is delivered to the registrar of companies for incorporation?
Options:
A) i, ii and iii
B) i and ii
C) i and iii
D) ii and iii
Show Answer
The correct answer is A .
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Question 856: Which of the following is true in public sector accounting? Cost of assets is
Options:
A) depreciated on straight line method
B) expensed in the year of purchase
C) charged to federation account
D) depreciated on reducing balance method
Show Answer
The correct answer is B .
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Question 857:
The partners capital are: Modibbo #60,000
And Jakata #90,000. The partners share
Profit and losses in the ratio of their capital
Contributions.
The net profit for the year is #12,000.What is Jakata's sharing profit?
Options:
A) 3:5
B) 1:2
C) 2:5
D) 1:5
Show Answer
The correct answer is D .
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Question 858: The following are the importance of branch account except
Options:
A) it enable the organization to determine the branch that is making either profit or loss
B) it allows proper control over the branch by the head office
C) it assist the organization to determine the performance of a branch manager
D) it allows fraud and wastage of resources
Show Answer
The correct answer is D .
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Question 859: The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts
Options:
A) are not important in cashbooks
B) are cash items only
C) do not form part of double entry
D) are used for bank reconciliation
Show Answer
The correct answer is C .
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Question 860: Which of the should not be added or subtracted from the bank statement balance to determine the adjust cash balance?
Options:
A) Error by the bank
B) Undercasting of the cash book
C) Overcasting of the cash book
D) Bank service charges
Show Answer
The correct answer is A .