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 71:
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 72:
Determine the year''s purchase from the following information relating to a firm.
Total creditor''s b/f N 7,200
Total cash payment to suppliers N 98,800
Total creditors c/f N 8,400
Options:
A) ₦7,200
B) ₦98,800
C) ₦100,000
D) ₦105,800
Show Answer
The correct answer is C .
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Question 73:
Use the following information to answer this question.
Provision for bad debt 1500
Additional information
1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%
How much is to be charged to profit and loss account as provision for bad debt?
Options:
A) ₦2, 800
B) ₦1, 000
C) ₦2, 500
D) ₦3, 000
Show Answer
The correct answer is B .
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Question 74:
July 1 - Started business with #10,500
July 31- Paid Agromachinex #6,000 owing
themThe double entry for July 31 would be
Options:
A) debit Agromachinex and credit cash
B) debit equipment and credit Agromachinex
C) credit capital and debit cash
D) credit cash and debit purchases
Show Answer
The correct answer is A .
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Question 75: Purchases can be ascertained through the preparation of a
Options:
A) stock account
B) sales account
C) total debtors control account
D) total creditors control account
Show Answer
The correct answer is D .
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Question 76:
Given:
PTF Trial Balance [Extract] as at 31 December, 1999
Dr Cr
N'000 N '000
Cash 2,000
Investments 3,000
Accounts receivable 6,000 11,000
Fund balance 11,000 11,000
Assuming all the investments realized ₦4m, what will be the endig fund balance?
Options:
A) ₦8m
B) ₦11M
C) ₦12M
D) ₦15M
Show Answer
The correct answer is C .
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Question 77: Which accounting concept supports the assertion that economic reality takes precedence over legal issues?
Options:
A) Realization concept
B) Substance over form
C) Conservatism
D) Measurement concept
Show Answer
The correct answer is B .
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Question 78: Which of the following is a source of revenue to the federation account?
Options:
A) Market fees
B) Bicycle licences
C) Tarrifs
D) Property rates
Show Answer
The correct answer is C .
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Question 79: The difference in the sales ledger control account is transferred to the?
Options:
A) profit and loss account
B) sales account
C) balance sheet
D) trading account
Show Answer
The correct answer is D .
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Question 80:
Use the information below to answer question i) Stock of goods
Ii) Furniture
Iii)Creditors
Iv) Cash at bank
Options:
A) iii and v
B) ii and i
C) iv and v
D) i and iv
E) Loan from the bankFind the current assets?
Show Answer
The correct answer is D .