Accounts - Principles of Accounts Past Questions

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1176

Use the following to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \text{Credit sales} & 100,000\\ \text{Credit purchases} & 80,000 \\ \text{Bad debts}& 5,500\\ \text{Set-offs} & 65,500\end{array}\)
Closing creditors figure is

A. ₦115,500
B. ₦110,000
C. ₦95,500
D. ₦44,500

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1177

The manufacturing account is prepared to determine the cost of

A. trading
B. production
C. factory overhead
D. raw materials

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1178

Factory costs excluding prime cost is

A. overhead
B. material cost
C. fixed cost
D. administration cost

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1179

An example of direct expenses is

A. insurance
B. carriage inwards
C. purchases of raw materials
D. royalty

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1180

Which of the following is not shown in the trial balance?

A. opening stock
B. closing stock
C. discounts allowed
D. discounts received

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Accounts - Principles of Accounts Past Questions

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