Accounts - Principles of Accounts Past Questions

446

Use the information below to answer question .

Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000

The company maintains a current ratio of 3:1.
The capital balance is?

A. N95 00
B. N12 500
C. 11 500
D. 10 00

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447

Use the information below to answer question .

Capital.....................N?
Profit and loss.............N3500
Current assets..............N?
Current liabilities.........N2000
fixed assets................N11000

Determine the current assets?

A. N7 000
B. N6 000
C. N8 000
D. N9 000

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448

The difference in the sales ledger control account is transferred to the?

A. profit and loss account
B. sales account
C. balance sheet
D. trading account

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449

Tunde purchased goods from Femi by cash worth N1000 with 10% cash discount. Tunde's ledger control account is to be?

A. deited by N100
B. credited by N100
C. credited by N1000
D. deited by N1000

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450

After receiving the financial statement the Auditor General of the Federation must submit a report to the National Assembly within?

A. 60 days
B. 30 days
C. 120 days
D. 90 days

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Accounts - Principles of Accounts Past Questions

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