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Accounts - Principles of Accounts Past Questions

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2166
An advantage of using accounting ratios is that
  • A. can be easily calculated
  • B. show errors and frauds
  • C. facilitate decision making
  • D. are stipulated by law
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2167
The document setting out the regulations regarding shares, meetings and internal organization of a company is known as
  • A. prospectus
  • B. memorandum of association
  • C. company law
  • D. articles of association
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2168

The loss made by a non profit making organization is called

  • A. deficit
  • B. surplus
  • C. discount
  • D. shortage
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2169

If rent account is debited instead of rate account, the error committed is that of;

  • A. omission
  • B. commission
  • C. principle
  • D. original entry
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2170
Use the following information to answer this question.

Provision for bad debt 1500

Additional information

1. Bad debt written off amount to 3000
2. Debtors balance as at the end of the year is 28,000
3. Provision for bad debts stand at 10%

How much is to be charged to profit and loss account as provision for bad debt?
  • A. N2, 800
  • B. N1, 000
  • C. N2, 500
  • D. N3, 000
View Answer & Discuss (5) JAMB 2015
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