Accounts - Principles of Accounts Past Questions

Change Subject Ask Question Check Syllabus Download App

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. 


what is the gross profit margin?

  • A. 100%
  • B. 50%
  • C. 40%
  • D. 30%
View Answer & Discuss

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
View Answer & Discuss

The basic role of accounting is to?

  • A. detect fraud
  • B. attest to financial statements
  • C. measure performance
  • D. protect shareholders
View Answer & Discuss

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
View Answer & Discuss

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
View Answer & Discuss