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Accounts - Principles of Accounts Past Questions

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3026

Interim dividend paid in the year is--------

  • A. debited to the profit and loss account
  • B. debited to the income surplus account
  • C. credited to the profit and loss account
  • D. credited to the income surplus account
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3027

The basis of apportionment of insurance on building in departmental accounts is--------

  • A. floor space occupied by the department
  • B. purchase cost of the building
  • C. value of the building
  • D. number of offices in the building
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3028

Under the cost method in branch accounting, branch gross profit is disclosed in the-------

  • A. goods sent to branch account
  • B. branch debtors account
  • C. branch stock account
  • D. branch stock adjustment account
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3029

Use the following information to amswer the question that follows

Ordinary share----------------------------------70,000
Retained earnings-----------------------------31,142
Motor vehicle at cost--------------------------21,136
Accumulated dep. - motor vehicle---------7,109
Furniture and fittings at cost----------------1,334
Accumulated dep. fur & fitts at cost-------1,007
Stock----------------------------------------------32,200
Debtors-------------------------------------------49,380
Bank-----------------------------------------------15,953
Creditors------------------------------------------11,329

Equity holders fund is-------------

  • A. 112,471
  • B. 111,834
  • C. 101,142
  • D. 14,027
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3030

Use the following information to amswer the question that follows

Ordinary share----------------------------------70,000
Retained earnings-----------------------------31,142
Motor vehicle at cost--------------------------21,136
Accumulated dep. - motor vehicle---------7,109
Furniture and fittings at cost----------------1,334
Accumulated dep. fur & fitts at cost-------1,007
Stock----------------------------------------------32,200
Debtors-------------------------------------------49,380
Bank-----------------------------------------------15,953
Creditors------------------------------------------11,329

Net book value of fixed assets is----

  • A. 22,480
  • B. 21,136
  • C. 14,354
  • D. 14,027
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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