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Accounts - Principles of Accounts Past Questions and Answers

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Jamb Accounts - Principles of Accounts Questions

Question 386:

Miscellaneous expense is 10% of revenue Calculate the net income.

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A N583,000
B N563,000
C N483,000
D N581,000

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Question 387:

Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?

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A N11500
B N12000
C N13000
D N13500

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Question 388:

Which of the following is used to update the cash book in bank reconciliation?

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A Interest received and unpresented cheques
B Commission and debit note
C Unpresented cheques and direct credit
D Interest received and direct credit

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Question 389:

Which of the following is used to update the cash book in bank reconciliation?

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A Interest received and unpresented cheques
B Commission and debit note
C Unpresented cheques and direct credit
D Interest received and direct credit

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Question 390:

The two legally recognized professional accounting bodies in Nigeria are the?

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A Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria

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