ss2 accounting 2nd term exam

ss2 accounting 2nd term exam

12th Grade

10 Qs

quiz-placeholder

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ss2 accounting 2nd term exam

ss2 accounting 2nd term exam

Assessment

Quiz

Science

12th Grade

Practice Problem

Medium

Created by

Cliffmanuel Akoma

Used 1+ times

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10 questions

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1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The objective of a trading account is to establish the

A)cost of goods sold

B)gross profit

C)manufacturing profit

D)net profit

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The process of allocating the cost of an intangible asset over its useful life is known as

A)depreciation

B)extraction

C)depletion

D)amortization

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The profit of a sole trader increases his ______.

A)stock

B)asset

C)liability

D)capital

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The recording of wages due but not yet paid is an example of, an adjustment for

A)apportionment of revenue between two periods

B)recognizing accrued expenses

C)recognizing unaccounted revenue

D)recognizing prepaid expenses

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The trial balance showed wages, ₦2,500 and a note stated that ₦500 wages were due but unpaid. When preparing final accounts and balance sheet, it is required to debit profit and loss account with

A)₦3,000 and show wages accrued ₦500 in the balance sheet

B)₦2,000 and show ages accrued ₦500 in the balanced sheet

C)₦3,000 and show wages prepaid ₦500 in the balance sheet

D)₦2,000 and show wages paid in advance ₦500 in the balance sheet

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

₦2,000 and show wages paid in advance ₦500 in the balance sheet

6 Fatima withdraws goods from the business for personal use. The accounting treatment is to debit

A)stock account and credit profit and loss account

B)drawings account and credit stock account

C)Profit and loss account and credit drawings account

D)Stock account and credit drawings account

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

A seller of vegetables and fruits should be encouraged to value his stock at the end of a period using the

A)weighted average method

B)simple average method

C)FIFO method

D)LIFO method

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