Accounts - Principles of Accounts Past Questions

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2526

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

A. Cash account
B. purchase account
C. goodwill account
D. sales account

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2527

Gross profit in the branch adjustment account is transferred to the branch____________

A. Income and expenditure account
B. profit and loss account
C. receipt and payment account
D. trading account

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2528

Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and the remaining partners decide to take Ade’s share in the existing ratio. What is the new ratio?

A. 1 : 1
B. 3 : 6
C. 2 : 1
D. 2 : 6

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2529

Calls in advance are treated in the balance sheet as_______

A. Current asset
B. Fixed asset
C. Current liability
D. Fixed liability

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2530

Why are adjustments in the profit and loss account necessary?

A. To cover some expenses of the following year
B. To show the provisions made during the year
C. To show the total expenses paid and income received during the year
D. To ascertain the actual expenses incurred and income earned during the year

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Accounts - Principles of Accounts Past Questions

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