3:27 docs.google.com 2 points An account containing the summary of all trade receivables is known as the ......... control account. Purchases ledger General ledger All of the above Sales ledger Total Payables Annabel has the following assets 2 points and liabilities at her trading year end. Cash N500.000, bank loan N250,000, motor vehicle N900,000 and Trade payables N350,000. Her closing capital was N1,500,000 N800,000 N600,000 N1,400,000 N2,000,000 . 2 points 3:28 docs.google.com An error in which goods invoiced at N91.200 in Kadiatu company is recorded as N92,100 in the sales day book is known as .............. Error of Commission Error of Casting Error of Complete reversal Transposition error Error of Principle Bills payable should be recorded 2 points on the ........ side of the Debit ...... Sales ledger control account None of the above. Credit..... payables ledger control account. Debit...... payables ledger control account Credit account Sales ledger control 3:27 docs.google.com 2 points Usually, transfers from the manufacturing account to the statement of profit or loss is at value. Cost Market Margin Mark-up Replacement 2 points Errors having no effect on the agreement of Trial Balance are the following EXCEPT Errors of principle Casting errors Compensating errors Error of original entry Errors of Commission 3:28 .nl docs.google.com If the cost price of inventory is 2 points N90,000 and the selling price is N120,000, then Mark-up is 30% Mark-up is 25% Margin is 331/3% Margin is 20% Mark-up is 331/3% Which of the following functions 2 points determines the total cost of production? Prime Cost + Indirect Cost + Work-In- Progress Prime Cost + Factory Overheads + Net Work-In-Progress Prime Cost + Work-In-Progress + Percentage of Profit Raw Materials + Factory Cost + Net Work-In-Progress Raw Materials + Work-In-Progress + Finished Goods . 3:27 docs.google.com The excess of the cost of goods 2 points available for sale over the value of closing inventory is Gross Profit Average Inventory Net Purchases Gross Loss Cost of Goods Sold The following information relates 2 points to Bakasi Enterprises Opening capital N700,000 Additional capital contributed N200.000 Drawings N25,000 Closing capital N980.000 Calculate Bakasi's profit N80,000 N225,000 N105,000 N455,000 N55,000 3:27 . docs.google.com Which of these errors would be 2 points disclosed by the Trial Balance? Selling expenses debited to the sales account and credited to the bank account A cash sales of N52,000 was debited to the customer and credited to cash account A purchase of N40,000 was omitted entirely from the books Credit sales of N30,000 debited to Suppliers account and credited to sales account as N30,000 Cheque of N9,800 from Mr Samson, correctly posted in the cash book but credited to Mr Samson's account as N8,900 The right of a seller to merge a 2 points customer's accounts, ONE in credit and the other in debit, to arrive at a net balance for that particular customer is a right of Balance-off Set-off Sell-off Contra entry Final settlement . 2 points 3:28 docs.google.com An error in which goods invoiced at N91.200 in Kadiatu company is recorded as N92,100 in the sales day book is known as .............. Error of Commission Error of Casting Error of Complete reversal Transposition error Error of Principle Bills payable should be recorded 2 points on the ........ side of the Debit ...... Sales ledger control account None of the above. Credit..... payables ledger control account. Debit...... payables ledger control account Credit account Sales ledger control 3:28 . docs.google.com 2 points If a firm's average inventory is N200.000 and the closing inventory is N120,000, what is the opening inventory? N570,000 N200,000 N300,000 N150,000 N280,000 2 points Motor insurance expenses prepaid is a Current asset Non-current liability Current liability Accrued expense Non-current asset 3:28 . docs.google.com 2 points Final accounts of a manufacturing concern includes all the following except Statement of Financial Position Statement of Profit or Loss None of the above Statement of Income and Expenditure Manufacturing account The financial report that shows 2 points the performance of a business over a period is termed....... Statement of Profit or Loss Appropriation statement Statement of changes in equity Statement of cashflow Statement of financial position . 2 points 3:28 docs.google.com An error in which goods invoiced at N91.200 in Kadiatu company is recorded as N92,100 in the sales day book is known as .............. Error of Commission Error of Casting Error of Complete reversal Transposition error Error of Principle Bills payable should be recorded 2 points on the ........ side of the Debit ...... Sales ledger control account None of the above. Credit..... payables ledger control account. Debit...... payables ledger control account Credit account Sales ledger control