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Accounts - Principles of Accounts Past Questions

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3061

Manufacturing account is prepared to ascertain

  • A. profit on goods produced
  • B. cost of goods produced
  • C. cost of goods sold
  • D. profit on goods sold
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3062

Adiza gave an instruction to her banker to pay a premium of Le 30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of

  • A. bank charges
  • B. direct debit
  • C. standing order
  • D. credit transfer
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3063

Drawings made by a partner would be

  • A. credited to current account
  • B. credited to appropriation account
  • C. debited to appropriation account
  • D. debited to current account
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3064

The document prepared by the buyer and sent to the seller listing the items to be supplied is

  • A. purchase order
  • B. credit note
  • C. proforma invoice
  • D. sales order
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3065

Use the following information to answer questions below

Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%.
 



Teteh's share of profit is

  • A. #60,000
  • B. #90,000
  • C. #75,000
  • D. #50,000
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts