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Accounts - Principles of Accounts Past Questions

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2851

Sales ledger control account contains the total amount in respect of

  • A. investors
  • B. creditors
  • C. shareholders
  • D. debtors
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2852

Which of the following stock valuation method is suitable under inflationary conditions?

  • A. LIFO
  • B. simple average
  • C. FIFO
  • D. weighted average
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2853

The ordinary shareholders enjoy the following right except the right to

  • A. receive dividends at a predetermined rate
  • B. vote at annual general meetings
  • C. elect the board of directors
  • D. participate in additional issues of shares
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2854

Capital and revenue expenditures of government are usually accounted for under funds which include

  • A. technical, special trust and commercial funds
  • B. personal advances, technical and public funds
  • C. personal advances, treasury clearance and special trust funds
  • D. commercial loans and treasury clearance funds
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2855

Given:


Depreciation of plant and machinery
Factory rent
Indirect wages
General indirect expenses
Lubricants
Carriage inwards
Factory power
Bank charges
Carriage outwards
 
   ₦
1,600                                         
   650
   695
   726
1,235
   829
   350
   612
2,900
 

Determine the total factory overhead cost

  • A. ₦4,485
  • B. ₦6,085
  • C. ₦6,556
  • D. ₦5,256
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