Accounts - Principles of Accounts Past Questions

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901

Use the following information to answer the question given
\(\begin{array}{c|c} & ₦ \\ \hline \text{Net profit} & 60,000\\ \text{Total assets} & 520,000\\ \text{Current liabilities} & 150,000 \\ \text{Current assets} & 280,000\end{array}\)
The capital employed is

A. ₦ 740,000
B. ₦ 580,000
C. ₦ 370,000
D. ₦ 280, 000

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902

\(\begin{array}{c|c}
\text{Net profit} & 60,000 \\
\hline
\text{Total assets} & 520,000 \\
\hline
\text{Current liabilities} & 150,000 \\
\hline
\text{Currents assets} & 280,000 \\
\end{array}\)

The returns on capital employed is

A. 17.2%
B. 16.2%
C. 15.2%
D. 11.2%

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903

The double entry principle states that

A. every debit entry must have a corresponding credit entry
B. every credit entry must have a corresponding double entry
C. every debit must must have a corresponding double entry
D. every assets must have a corresponding liability

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904

Which of the following is a nominal account?

A. machinery account
B. drawings account
C. debtors account
D. wages account

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905

Reserves account is kept in the

A. private ledger
B. creditors ledger
C. nominal ledger
D. debtors ledger

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Accounts - Principles of Accounts Past Questions

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