Accounts - Principles of Accounts Questions
Question 1766:
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. The purchase consideration was
- A N31,500
- B N30,000
- C N28,500
- D N28,000
Question 1767:
XYZ Enterprises bought ABC Enterprises by issuing 30,000 ordinary shares of N1 each at a discount of 5%. The assets of ABC Enterprises are stock N18,000. Debtors N11,000. Capital reserve was
- A N1,500
- B N1,000
- C N500
- D N150
Question 1768:
The entries necessary for recording profit loading on goods sent to branch are
- A Debit branch stock account, credit branch stock adjustment account
- B Credit branch stock Adjustment account, debit goods, debit goods sent to branch account
- C Debit goods sent to branch account, credit branch stock account
- D Debit branch stock adjustment account, credit branch stock account
Question 1769:
Expenses incurred when incorporating a company are
- A Preliminary expenses
- B Selling expenses
- C Administrative expenses
- D Financial expenses
Question 1770:
Gross Profit of a business is the
- A Excess of sales over all the trading expenses
- B Difference between sales and purchases
- C Excess of sales over the cost of goods sold
- D Difference between discounts received and discount allowed