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Accounts - Principles of Accounts Past Questions

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2976

The addition of prime cost, indirect cost and opening work- in-progress less the closing work-in-progress will result in cost of

  • A. goods manufactured
  • B. materials put into production
  • C. goods available for sale
  • D. goods sold
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2977

The power to appoint the Auditor General of the Federation is vested in the

  • A. National Assembly
  • B. Civil Service Commission
  • C. Judicial Service Commission
  • D. President
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2978

In trial balance, income and liabilities are

  • A. credited
  • B. credited and debited respectively
  • C. debited and credited respectively
  • D. debited
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
2979

The rules which govern the internal management of a firm and its financial affairs in a partnership business is a

  • A. memoransum
  • B. deed
  • C. financial regulation
  • D. bye-law
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2980

Kola and Sunday are in partnership sharing profits and losses equally. If Kemi is admitted as a new partner to take 1/5 as her share, what is the new profit or loss sharing ratio?

  • A. Kola 1/3, Sunday 1/3 and Kemi 1/3
  • B. Kola 1/5, Sunday 1/5 and Kemi 3/5
  • C. Kola 2/5, Sunday 1/5 and Kemi 2/5
  • D. Kola 2/5, Sunday 2/5 and Kemi 1/5
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