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Accounts - Principles of Accounts Past Questions

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2911

The final stage of accounting process is

  • A. interpretation
  • B. recording
  • C. reporting
  • D. summarizing
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2912

The value of goods sent to a branch is debited to the 

  • A. goods sent to branch account
  • B. branch debtors account
  • C. branch adjustment account
  • D. branch stock account
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2913

The major source of revenue for central/federal government is

  • A. tenement rate
  • B. excise duty
  • C. market toll
  • D. parking roll
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2914

A business includes 50% mark-up on all its products. This would mean margin of 

  • A. 66 2/3%
  • B. 66 1/3%
  • C. 33 2/3%
  • D. 33 1/3%
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Use the following information to answer this question
                                         GH¢
Gross profit                     50,400
Discounts relieved            3,300
Discounts allowed             2,500
Net profit                          26,500
Cost of goods sold         184,000

2915

Sales for the period is

  • A. GH¢234,400
  • B. GH¢210,500
  • C. GH¢133,600
  • D. GH¢76,900
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