Accounting Questions & Answers - Free Online Practice

636.

Which of these is a content of a master file?

All records relevant to the organisation

Records of assets of the organisation

A collection of data items

All records relating to employees

Correct answer is A

All record relevant to the organization: the records which are only relevant to the organization such as the name and address as well as summary information such as amount due and year to date sales will be in master file

637.

Use the following information to answer the given question:

SALES LEDGER CONTROL ACCOUNT
$\begin{array}{c|c} 1986 & & N & 1986 & & N \\ \hline Jan. 1 & \text{Balance b/d} & 1,300 & Jan.1 & \text{Balance b/d} & 86 \\ 31 & sales & 7,630 & & bank & 6,555 \\ & \text{dishonoured cheques} & 250 & & discount& 345 \\ & \text{stopped cheques} & 100 & & returns & 130 \\ & \text{balance c/d} & 92 & & \text{Purchases ledger} & 360 \\ & & & & \text{balance c/d} & 1,896 \\ & & 9,372 & & & 9,372 \\ Feb. 1 & \text{balance b/d} & 1,896 & Feb.1 & \text{balance b/d} & 92 \end{array}$

The amount of N7,630 represents

total credit sales

total of all the debtors of the firm

the total sales for the month

cash sales only

the double entry for the total of the sales account

View answer & explanation

Correct answer is A

No explanation has been provided for this answer.

638.

A business marked up its cost by 50%. This would mean a gross profit of

33 $\frac{1}{3}$ % on the cost price

50% on the selling price

66 $\frac{2}{3}$ % on the selling price

66 $\frac{2}{3}$ % on the market price

33 $\frac{1}{3}$ % on the selling price

View answer & explanation

Correct answer is E

No explanation has been provided for this answer.

639.

Use the following information to answer the given question: SALES

LEDGER CONTROL ACCOUNTS

$\begin{array}{c|c} & N & & N \\ \hline \text{Balance b/d} & ? & \text{Discount allowed} & 968 \\ \text{sales} & 21,610 & \text{Sales returns} & 942 \\ \text{Acceptance dishonoured} & 542 & \text{cash received from customers} & ? \\ & & \text{Balance c/d} & 13,740 \\ \text{Total} & 34,743 & \text{Total} & 34,742 \end{array}$