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Accounts - Principles of Accounts Past Questions and Answers

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Jamb Accounts - Principles of Accounts Questions

Question 736:

If the opening stock is 5% of sales. calculate the purchases

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A N95,600
B N95,000
C N90,600
D N85,000

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Question 737:

Use the information to answer the question.
..........................30/9/06.......30/9/07.....
............................N.............N.........
Accrued insurance premium...600...........710.......
Prepaid rent income.........490............630......
The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.
The insurance premium to be taken to the profit and loss account would be.

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A N1,310
B N1,850
C N1,990
D 2,210

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Question 738:

The major function of accounting bodies in Nigeria is to?

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A Provide proper financial management of businesses
B Provide good remuneration to the members
C Promote the ethics of the profession
D Show the dynamic nature of the profession

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Question 739:

The major function of accounting bodies in Nigeria is to?

SchoolNGR Classroom

A Provide proper financial management of businesses
B Provide good remuneration to the members
C Promote the ethics of the profession
D Show the dynamic nature of the profession

View Answer & Explanation

Question 740:

Ledger account is mainly classified into?

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A Nominal, real and personal accounts
B Fixed and current accounts
C Management, financial and public sector accounting
D Bank and cash accounts

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