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Accounts - Principles of Accounts Past Questions

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2566

The total credit sales for a period can be extracted from the?

  • A. Cash book
  • B. Sales day book
  • C. Petty cash book
  • D. Returns inwards
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A machine bought for N35,000 was estimated to have a life span of 5 years with a scrap value of N9,000.

2567

If the scrap value is presently N15,000, what will be the yearly depreciation using the straight line method?

  • A. N4,000
  • B. N7,000
  • C. N11,000
  • D. N24,000
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2568

Mrs. Okoro who lives in the riverine community of Rivers State makes her living through crabbing and fishing. This type of occupation is? 

  • A. commercial
  • B. manufacturing
  • C. service
  • D. Extractive
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2569

The yearly depreciation using the straight line method would be

  • A. N8,800
  • B. N6,500
  • C. N5,200
  • D. N4,400
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2570

The accounting entries used to record a cheque issued by a business is to?

  • A. debit cash book and credit drawer
  • B. credit cash book and debit drawer
  • C. debit cash book and credit suspense account
  • D. credit cash book and debit suspense account
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