Accounts - Principles of Accounts Past QuestionsQuestion 161:Determine the year''s purchase from the following information relating to a firm. Total creditor''s b/f N 7,200 Total cash payment to suppliers N 98,800 Total creditors c/f N 8,400 A. N7,200 B. N98,800 C. N100,000 D. N105,800 Question 162:Derive the total sales figure from the following information extracted from a firm's cash book and other relevant records. Total debtors b/f N 5,600 Total cash receipts from debtors and cash sales N 153,000 Total debtors c/f N 6,800 A. N6,800 B. N153,000 C. N154,200 D. N159,800 Question 163:The statement of affairs prepared from incomplete records can be described as? A. The summary of all the business transactions of the trader ascertained by the accountant B. A balance sheet at a particular date showing the assets and liabilities of the business C. A schedule of all the business ventures entered into for the period to which the records relates D. The statement that shows the profit or loss made during the period Question 164:The contribution marginal on a job is the? A. Gross profit B. Net profit C. Excess of sales revnue over variable costs D. Difference between fixed and variable costs Question 165:The objective of allocating all costs to producer is to? A. Produce a scientifically accurate cost B. Avoid unallocated overhead and compute total accounts C. Co-odinate the cost and financial accounts D. Compute the contribution of the product to the final profit |
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