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 951:
Use the information below to this question
Cost of raw materials consumed 300,600
Carriage inwards 6,700
Returns of raw materials 10,800
Closing stock of raw materials 100,250
Manufacturing wages 27,000
Lighting, power, insurance and rent
Relation to the factory are
Apportioned 1/3,2/5, 1/6 and 17
With totals ₦30,000; ₦75,000; ₦36,000 and ₦56,000 respectively.What is the cost of the opening raw materials?
Options:
A) ₦418,350
B) ₦404,950
C) ₦400,250
D) ₦398,250
Show Answer
The correct answer is B .
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Question 952: The instrument used in analysis and interpretation of financial statement is the
Options:
A) accounting ratios
B) income and expenditure extract
C) balance sheet extract
D) found accounting
Show Answer
The correct answer is A .
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Question 953: The book of account in which information from the source documents are recorded consists of
Options:
A) debit and credit notes
B) ledger and subsidiary books
C) prepayments and accruals
D) profit and loss and balance sheet
Show Answer
The correct answer is B .
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Question 954: The account of government into which all monies are received and from which all expenditures are disbursed is the
Options:
A) Federation account
B) Petroleum Technology Development Fund
C) Central Bank Account
D) Development fund
Show Answer
The correct answer is A .
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Question 955: Capital for a profit making organization is generated through
Options:
A) Subscription
B) shares
C) donation
D) gift
Show Answer
The correct answer is B .
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Question 956: Receipt and payments account is a summary of the?
Options:
A) budget
B) trading account
C) cash book
D) profit and loss account
Show Answer
The correct answer is C .
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Question 957:
An advantage of FIFO method of stock valuation is that
Options:
A) it is calculated at the end of the year
B) its flow of cost is in sequence with the flow of stock
C) it is progressive in nature
D) it serves as a control during inflation
Show Answer
The correct answer is B .
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Question 958: The two accounts that are normally opened in the head office when goods are transferred to a branch are?
Options:
A) branch supplies and branch receipts
B) branch stock account and goods sent to branch accounts
C) goods sent to brannch account and branch receipt account
D) goods sent to branch accounts and branch supplies
Show Answer
The correct answer is B .
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Question 959:
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respectively. The information below relates to their business for the year ended 31st December, 2018.
Drawings: | ₦ |
| Dairo | 12000 |
| Segun | 18000 |
| Capital | |
| Dairo | 120000 |
| Segun | 60000 |
- Interest on drawings 10%
- Interest on capital 5%
- Profit for the year ₦36,000
- Salary: Segun ₦10,000
The interest on Dairo's drawings is
Options:
A) ₦1,600
B) ₦1,200
C) ₦1,400
D) ₦1,800
Show Answer
The correct answer is B .
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Question 960:
Use the information below to answer questions
Turnover...........................₦120 000
Net profit before tax..............₦40 000
Net profit b/f.....................₦68 000
Proposed dividends:
Ordinary shares....................₦8 000
Preference shares..................₦6 000
Corporate tax is 30%...............₦10 000
The undistributed profit carried forward is?
Options:
A) ₦68 000
B) ₦20 000
C) ₦74 000
D) ₦34 000
Show Answer
The correct answer is A .