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Accounts - Principles of Accounts Past Questions

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2666

One of the objective of maintaining the account of a branch at the head office is to

  • A. to access the performance of the branches
  • B. check the excesses of customers
  • C. record charges in shareholdings
  • D. record charges in liabilities
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2667

A company goods sent to branch at invoiced price is ₦30,870 at cost plus 25%. The mark-up is

  • A. ₦20,000
  • B. ₦6,000
  • C. ₦6,174
  • D. ₦10,000
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2668

The objective of departmentalization is to

  • A. ensure that departmental managers are adequately monitored
  • B. record transactions for each department for better documentation
  • C. tackle any recording problem as a result of expansion
  • D. evaluate the profit of different departments
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2669

Given:


Fixed assets
Liabilities
Current assets

55,000
20,000
13,000

What is the capital?

  • A. ₦88,000
  • B. ₦48,000
  • C. ₦62,000
  • D. ₦55,000
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2670

One of the limitations of accounting is that

  • A. it ascertain financial position
  • B. it prevent fraud
  • C. transactions are recorded in monetary terms
  • D. it monitor the progress of the enterprise
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