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Accounts - Principles of Accounts Past Questions

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2701

Use the following information to answer questions the question below
                         01/01/17    31/12/17
Trade creditors   630,000    780,000
Stock                 540,000     480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

The cost of goods sold was? 

  • A. N3,330,000
  • B. N2,910,000
  • C. N2,760,000
  • D. N2,610,000
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2702

Use the following information to answer questions the question below
                         01/01/17    31/12/17
Trade creditors   630,000    780,000
Stock                 540,000     480,000
Trade creditors
Stock
Cash paid to trade creditors in 2017 was N2,700,000. 00

What was the purchase for 2017

  • A. N3,480,000
  • B. N2,850,000
  • C. N2,700,000
  • D. -N2,550,000
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2703

In public sector accounting, salaries of employees are classified as 

  • A. capital expenditure
  • B. capital receipt.
  • C. recurrent expenditure
  • D. recurrent receipt
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2704

Kadiri paid his debt to Suleman by cheque. The accounting entries in Kadiri s books are: debit

  • A. Bank Account; credit Suleman's Account
  • B. Bank Account, credit Debtors Account
  • C. Suleman's Account; credit Bank Account
  • D. Suleman's Account; credit Cash Account
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2705

The concept which seeks to prevent profits from being overstated is 

  • A. materiality
  • B. consistency
  • C. prudence
  • D. periodicity
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