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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 1176:
What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?
  • A Formation
  • B Dissolution
  • C Winding up
  • D Termination
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Question 1177:
Using the following:
Balance as par overdraft of the cashbook is ₦4000 ,uncredited cheque is ₦2300, bank charges ₦300, unpresented cheque ₦5000.
what is the adjusted cashbook balance?
  • A 4000
  • B 300
  • C 4300
  • D 5000
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Question 1178:
Branch stock adjustment account is prepared at?
  • A Cost price
  • B New price
  • C Invoice price
  • D Normal price
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Question 1179:
A partnership deed is used to____________
  • A Promote mutual understanding
  • B Enhance mistrust
  • C Encourage discrepancy
  • D Control funds
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Question 1180:
The cost price method is applicable when_____
  • A Goods are sold at specific prices
  • B Goods are perishable
  • C Goods attract different gross profit percentage
  • D To disclose gross profit or loss
View Answer & Explanation