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Accounts - Principles of Accounts Past Questions

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2356

An increase in government expenditure within a year is taken care of by means of

  • A. virement
  • B. financial regulations
  • C. supplementary estimate
  • D. warrant
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2357

A business organization prepares departmental account in order to

  • A. asertian the contribution of each department to the organization
  • B. ascertain interdepartmental transfer
  • C. build other branches
  • D. know the number of departments in the organization
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2358

The objective of departmental account is to

  • A. ascertain the amount of profits or losses for the enterprise
  • B. ascertain the amount of profits or losses for each department
  • C. ascertain the cost of running the organization
  • D. offset the loss of each department
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2359

Which of the following expenses relate to the profit and loss account of a manufacturing firm?

  • A. Administrative overhead
  • B. Direct labour
  • C. Direct materials
  • D. Work-in-progress
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2360

The difference between book keeping and accounting is that while

  • A. book keeping interprets data, accounting records it
  • B. book keeping is regarded as the language of the business accounting ascertians its strength and weakness
  • C. book keeping records data accounting interprets it
  • D. book keeping summaries information accounting communicatesit
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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