Accounts - Principles of Accounts Past Questions and Answers

The partnership deed normally specifies?

A How profits or losses are to be shared
B The capital to be contributed annually
C How salaries are paid to employees
D The profit that should be earned annually

Question 1232:

The accumulated fund of a non-trading concern can equally be referred to as?

A Members equity
B Share capital
C General fund
D Surplus fund

Question 1233:

	N
sales	20,000
cost of sales	10,000
operating expenses	2,500
expenses prepaid included in operating expenses	500

use the information above to answer the following question.

calculate the net profit.

A N12,500
B N10,000
C N8,000
D N7,500

Question 1234:

	N
sales	20,000
cost of sales	10,000
operating expenses	2,500
expenses prepaid included in operating expenses	500

use the information above to answer the following question.

what is the gross profit margin?

A 100%
B 50%
C 40%
D 30%

Question 1235:

Kakaku limited with three departments has a total of N7,200,000 as net debtors for the year ended 31/12/2106. The company's policy, provides for 15%bad debt annually. Which of the following represents the total balance of debtors before adjustment?

A N6,120,000
B N8,280,000
C N6,120,300
D N8,820,000