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Accounts - Principles of Accounts 2018 JAMB Past Questions

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81

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
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82

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
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  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. 

83

calculate the net profit. 

  • A. N12,500
  • B. N10,000
  • C. N8,000
  • D. N7,500
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84

what is the gross profit margin?

  • A. 100%
  • B. 50%
  • C. 40%
  • D. 30%
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85

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
  • A. N8,280,000
  • B. N6,120,300
  • D. N8,820,000
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