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Accounts - Principles of Accounts Past Questions

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3286

Which of the following bodies regulates accounting practices in Nigeria?

  • A. ANAN
  • B. EFCC
  • C. NIB
  • D. NIT
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3287

The opening stock at the beginning of an accounting period represents

  • A. goods returned from last accounting period
  • B. cost of goods sold
  • C. cost of goods purchased
  • D. goods available for sale
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3288

Where there is no partnership agreement, a partner who advances loan to the partnership is entitled to ____ Interest

  • A. 2%
  • B. 15%
  • C. 10%
  • D. 5%
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3289

Which of the following is not required in preparing a statement of affairs?

  • A. fixed assets
  • B. net profit
  • C. accruals
  • D. cash in hand
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3290

Which of the following is a subsidiary book as well as a ledger?

  • A. cash book
  • B. general journal
  • C. returns outward book
  • D. purchases day book
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