Accounts - Principles of Accounts Past QuestionsQuestion 251:In a manufacturing company, the total cost of goods produced is equivalent to? A. Purchases B. Sales C. Cost of goods sold D. Cost of materials used Question 252:Given: Sales Ledger Control Account (Extracts) Balance b/f N10,600 Total cash payments by debtors N32,275 Total credit sales N59,193 Discount received N9,700 Balance c/f N20,751 Discount allowed N2,890 Determine the sales returns? A. N24,577 B. N13,877 C. N7,067 D. N2,890 Question 253:The simplest form of single entry procedure consists fo keeping a? A. Day book or general journal B. Cash book and ledger accounts showing debtors and creditors balances C. Cash journal, sales journal and purchases journal D. Day book in which transactions are described in chronological order Question 254:A fixed cost is fixed only in relation to? A. The quality of goods produced B. The quantity of goods sold C. A given period of time and a range of activities D. A given period of time and the nature of activity Question 255:One of the advantage of the shortcomings of single entry procedures is that? A. A trial balance is not available B. Profits are overestimated C. There are no subsidiary books D. There are no control accounts |
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