Accounting Equation – NBC Institute

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

Question

If the opening and closing inventories of an entity are ₦34,565 and ₦41,222 respectively, and the cost of sales is ₦160,545, how much are the purchases?

A. ₦119,323
B. ₦153,888
C. ₦167,202
D. ₦201,767
E. ₦236,332

Answer

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Tags: Accounting Equation, Cost of Sales, Inventory, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2022

FA – Nov 2023 – L1 – SA – Q15 – Accounting Concepts

Calculate the new accounting equation after withdrawals.

Question

The accounting equation of Kola is ₦107,250 (Assets) = ₦55,500 (Equity) + ₦51,750 (Liabilities). Kola decides to take ₦6,000 in cash and inventories with a value of ₦3,000 out of the business for his personal use. What is the new value of the accounting equation for Kola after the withdrawals?

A. ₦98,250 = ₦46,500 + ₦51,750
B. ₦98,250 = ₦55,500 + ₦42,750
C. ₦107,250 = ₦58,500 + ₦54,750
D. ₦98,250 = ₦49,500 + ₦48,750
E. ₦98,250 = ₦52,500 + ₦45,750

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Equation, Assets, Withdrawals
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2023

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

Question

If the opening and closing inventories of an entity are ₦34,565 and ₦41,222 respectively, and the cost of sales is ₦160,545, how much are the purchases?

A. ₦119,323
B. ₦153,888
C. ₦167,202
D. ₦201,767
E. ₦236,332

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Equation, Cost of Sales, Inventory, Purchases
Level: Level 1

Topic: Double-Entry Accounting Principles
Series: MAY 2022

FA – Nov 2023 – L1 – SA – Q15 – Accounting Concepts

Calculate the new accounting equation after withdrawals.

Question

A. ₦98,250 = ₦46,500 + ₦51,750
B. ₦98,250 = ₦55,500 + ₦42,750
C. ₦107,250 = ₦58,500 + ₦54,750
D. ₦98,250 = ₦49,500 + ₦48,750
E. ₦98,250 = ₦52,500 + ₦45,750

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Equation, Assets, Withdrawals
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2023

Question Tag: Accounting Equation

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FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

FA – Nov 2023 – L1 – SA – Q15 – Accounting Concepts

Calculate the new accounting equation after withdrawals.

FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

FA – Nov 2023 – L1 – SA – Q15 – Accounting Concepts

Calculate the new accounting equation after withdrawals.

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Question Tag: Accounting Equation

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FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

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FA – Nov 2023 – L1 – SA – Q15 – Accounting Concepts

Calculate the new accounting equation after withdrawals.

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FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles

Calculate the purchases made by a business given the opening and closing inventories and cost of sales.

You're reporting an error for "FA – May 2022 – L1 – SA – Q5 – Double-Entry Accounting Principles"

FA – Nov 2023 – L1 – SA – Q15 – Accounting Concepts

Calculate the new accounting equation after withdrawals.

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