Accounts - Principles of Accounts Past Questions and Answers

The statement of affairs prepared from incomplete records can be described as?

A The summary of all the business transactions of the trader ascertained by the accountant
B A balance sheet at a particular date showing the assets and liabilities of the business
C A schedule of all the business ventures entered into for the period to which the records relates
D The statement that shows the profit or loss made during the period

Question 157:

The contribution marginal on a job is the?

A Gross profit
B Net profit
C Excess of sales revnue over variable costs
D Difference between fixed and variable costs

Question 158:

The objective of allocating all costs to producer is to?

A Produce a scientifically accurate cost
B Avoid unallocated overhead and compute total accounts
C Co-odinate the cost and financial accounts
D Compute the contribution of the product to the final profit

Question 159:

Use the information below to answer question 28 and 29.<br/>Raw materials inventory at the beginning of a period was N 46,800 and at the close of the period there was a balance of N38,600. From the purchases made during the period, defective materials costing N9,200 were returned. Cost of materials consumed during the period was N448,500.<br/>What was the total purchases made during the period?

A N497,100
B N457,700
C N449,500
D N440,300

Question 160:

What was the cost of materials available for use during the period?

A N487,100
B N449,500
C N448,500
D N440,300