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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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