Accounting Past Questions

Use the following information to answer the question below

                                01/01/2016   31/12/2016
Trade debtors-------80,000           100,000
Trade creditors-----30,000            40,000
Stock-----------------70,000             90,000

Cheques received from trade debtors in 2016: 350,000
Payment made to trade creditors in 2016: 220,000

Credit sales for 2016 is?
 

The balance on the sales ledger control account at the end of the accounting year represents a total.........

Use the following information to answer the question that follows

                                                       N
Direct material used-----------------64,000
Direct labour--------------------------30,000
Production overheads--------------22,000
Work-in-progress at beginning-----9,000
Work-in-progress at close---------14,000

The total cost of production is

Use the following information to answer the question that follows

                                                       N
Direct material used-----------------64,000
Direct labour--------------------------30,000
Production overheads--------------22,000
Work-in-progress at beginning-----9,000
Work-in-progress at close---------14,000

Prime cost of production is?

One of the components of factory overhead is............

In a manufacturing account, royalties paid

A credit entry is made in the plant and machinery account for the ......................

A fall in the value of a fixed asset due to technological changes is described as?

The amount set aside out of profits to strengthen the financial position of the business is

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The gross profit or loss is?

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The cost of goods sold is-----------

The wages of an office cleaner is classified as

Cost of goods sold is calculated as...................

The concept which states that revenue is recognized when goods are sold is

The consistency concept aims at?

The concept that implies that a business will operate for an indefinitely long period of time is...............

Which of the following activities will increase profits?

Sales and purchases ledger are used in a business to keep records of?

A debit balance of N420 on the purchase ledger control account means that as at that date............