Accounts - Principles of Accounts Past Questions

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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. 

2606

what is the gross profit margin?

  • A. 100%
  • B. 50%
  • C. 40%
  • D. 30%
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2607

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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2608

The basic role of accounting is to?

  • A. detect fraud
  • B. attest to financial statements
  • C. measure performance
  • D. protect shareholders
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2609

The fixed amount of money given to a petty cashier at the beginning of a period is called?

  • A. Imprest
  • B. float
  • C. cash advance
  • D. cash
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2610

A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

  • A. N210,000
  • B. N844,400
  • C. N840,000
  • D. N500,000
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