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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 61:

The value of the current assets will be?

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A N10,361
B N10,651
C N17,396
D N17,848

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Question 62:

Balance sheet (extract)

	N
Creditors	7,940
Prepaid expenses	290
Accrual expenses	323
Stock	4,500
Cash balances	4,956
Debtors	905

Use the information in the above table to answer the question.

Determine the current liabilities.

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A N8,553
B N8,263
C N7,940
D N1,228

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Question 63:

The excess of sales over cost of goods sold is?

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A Gross sales
B Gross profit
C Net profit
D Net sales

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Question 64:

The control account is used in facilitating?

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A The various location of errors in the various accounts
B Up to date bank transactions
C The payment of debts and liabilities of the firm
D Assets distribution with respect to income

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Question 65:

The main objective of accounting report is to provide information about?

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A The efficacy of assets
B A company's shareholding
C Company's economic resources
D An entity's management

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