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Accounts - Principles of Accounts Past Questions

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3001

The consistency concept aims at?

  • A. ensuring that all expenses are matched against revenue
  • B. reducing cost
  • C. comparability of accounting records
  • D. suppressing profits to be declared
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3002

The concept which states that revenue is recognized when goods are sold is

  • A. realization concept
  • A. going concern concept
  • B. matching concept
  • C. periodically concept
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3003

Cost of goods sold is calculated as...................

  • A. opening stock+ purchase - closing
  • B. opening stock + sales - closing stock
  • C. opening stock + purchase + closing stock
  • D. opening stock + sales + closing stock
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3004

The wages of an office cleaner is classified as

  • A. direct labour cost
  • B. direct expenses
  • C. factory overhead
  • D. administrative overhead
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3005

Use the information below to answer the question that follows

Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000

The cost of goods sold is-----------

  • A. Le 120,000
  • B. Le 110,000
  • C. Le 90,000
  • D. Le 30,000
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