Accounts - Principles of Accounts Past QuestionsQuestion 311:Use the information below to answer question 25 and 26. Bar opening stock N10,000 Amount owed to bar suppliers at the end the beginning of the year N10,000 Bar sales N50,000 Bar credit purchases N40,000 Payment to suppliers N30,000 Bar expenses N1,000 Bar closing stock N15,000 How much is owed to suppliers? A. N50,000 B. N40,000 C. N30,000 D. 20,000 Question 312:Lubricating oil and spare parts of machinery are examples of? A. Direct materials B. Indirect materials C. Indirect expenses D. Direct expenses Question 313:Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000 The N6,000 subscription received is? A. Current asset B. Current liability C. Fixed asset D. Capital Question 314:Use the information below to answer questions Subscription received during the year N30,000 Subscription owed last year N4,000 Subscription received for next year N6,000 What is the subscription to be charged to income and expenditure account? A. N36,000 B. N34,000 C. N30,000 D. N20,000 Question 315:A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000. The balance of the payments account is? A. N24,000 B. N22,000 C. N14,000 D. 8,000 E. NO OPTION INDICATED |
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