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Accounts - Principles of Accounts Past Questions

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2876

Use the information below to answer this question
Zahki Plc balance sheet (extract) as at 31st December 1997.

                                            ₦                                             ₦
Paid up capital               200,000       Fixed assets        300,000
Share premium                15,000                                   
Profit and loss account     60,000          Investment           180,000
Long-term loan               180,000          Stock                      28,000
                                                              Debtors                  90,000
Creditors                        200,000          provision(3000)      87,000
Other current liabilities    100,000         Cash                       60,000
                                                              Bank                     100,000
                                        755,000                                   755,000     

Determine the owner's equity

  • A. ₦275,000
  • B. ₦200,000
  • C. ₦755,000
  • D. ₦215,000
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2877

The prime cost is the total of the

  • A. direct materials+direct labour+direct wages
  • B. production cost+selling expenses
  • C. administrative expenses+selling expenses+distribution expenses
  • D. direct materials+work overhead expenses
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2878

Recurrent expenditures are expenses for the period not exceeding

  • A. 10years
  • B. 2years
  • C. 5years
  • D. 1year
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2879

A source document is used for verifying the 

  • A. amount due from debtors
  • B. amount due to creditors
  • C. selling price of goods
  • D. actual cost of an asset
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2880

If goods are sent to branch at 25% on cost, what will be the cost of goods sent to the branch at a selling price of ₦100,000?

  • A. ₦130,000
  • B. ₦75,000
  • C. ₦80,000
  • D. ₦125,000
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