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Accounts - Principles of Accounts Past Questions

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2576

The excess of sales over cost of goods sold is?

  • A. gross sales
  • B. gross profit
  • C. net profit
  • D. net sales
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2577

The control account is used in facilitating?

  • A. the various location of errors in the various accounts
  • B. up to date bank transactions
  • C. the payment of debts and liabilities of the firm
  • D. assets distribution with respect to income
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2578

The main objective of accounting report is to provide information about?

  • A. the efficacy of assets
  • B. a company's shareholding
  • C. company's economic resources
  • D. an entity's management
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  N
Direct material 2,500
Direct labour 5,000
Direct expenses 1,000
Overhead expenses 1,500

use the information contained in the table to anwser the qustion below;

2579

from the data above, compute the prime cost. 

  • A. N6,500
  • B. N 8,500
  • C. N6,000
  • D. N7,500
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  N
Purchase ledger opening balance 4,000
sales ledger opening balance 6,000
credit purchase 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Return outwards 6,000

Use the information above to answer the following question;

2580

calculate the sales ledger balance

  • A. N13,000
  • B. N10,000
  • C. N 6,000
  • D. N3,000
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