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 971: Which of the following is the capital reserve of a company?
Options:
A) Accumulated depreciation
B) Retained profit
C) Share premium
D) Loss on forfeited shares
Show Answer
The correct answer is B .
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Question 972: The officer responsible for ascertaining whether all public expenditure and appropriation are in line with approved guidelines is the?
Options:
A) Acountant General
B) Auditor General
C) Finance Minister
D) Permanent Secretary
Show Answer
The correct answer is B .
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Question 973: Partners' share of profit is credited to?
Options:
A) a partner's current account
B) a partner's capital account
C) the profit and loss account
D) the profit and loss appropriation account
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The correct answer is A .
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Question 974:
Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit
Options:
A) sugar account #12,000 and credit Jide #12,000
B) Jide #12,000 and credit sales account #12,000
C) Ibrahim #12,000 and credit Jide #12,000
D) sugar account #12,000 and credit Ibrahim #12,000
Show Answer
The correct answer is B .
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Question 975:
Use the information below to answer this question
₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
Calculate the capital of the business.
Options:
A) ₦3000
B) ₦9400
C) ₦3400
D) ₦6000
Show Answer
The correct answer is A .
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Question 976:
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 977:
| Receipts and Payments Account |
| | ₦ | | ₦ |
| Bal. b/f | 1,000 | Salaries | 5,000 |
| Donations | 5,000 | Secretariat expenses | 5,000 |
| Subscriptions | 7,000 | Dance expenses | 5,000 |
| Sales of refreshments | 11,000 | Refreshments | 15,000 |
| Entertainment | 21,000 | Bal. c/d | 15,000 |
| | 45,000 | | 45,000 |
Given:
Calculate the surplus income.
Options:
A) ₦45 000
B) ₦44 000
C) ₦30 000
D) ₦14 000
Show Answer
The correct answer is D .
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Question 978: When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at
Options:
A) a price above or below the stipulated price
B) any price but not below the transfer price
C) cost price
D) a price that is equal to the mark-up
Show Answer
The correct answer is A .
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Question 979: A typical example of a real account is?
Options:
A) prepayment
B) expenses
C) plant
D) income
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The correct answer is C .
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Question 980: In a manufacturing company, the total cost of goods produced is equivalent to?
Options:
A) purchases
B) sales
C) cost of goods sold
D) cost of materials used
Show Answer
The correct answer is A .