Accounts - Principles of Accounts Past Questions

1441

The double entry for refund of unsuccessful application monies is debit

A. application for shares account, credit bank account
B. bank account, credit application for shares accoun
C. allotment account, credit bank account
D. cash account, credit bank aaccount

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1442

Which of the following is not an accounting concept?

A. entity
B. going-concern
C. consistency
D. historical cost

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1443

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was

A. N39,000
B. N16,000
C. N14,000
D. N12,000

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1444

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is

A. N48,000
B. N39,000
C. N36,000
D. N21,000

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1445

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is

A. N24,000
B. N21,000
C. N18,000
D. N9,000

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Accounts - Principles of Accounts Past Questions

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