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Accounts - Principles of Accounts Past Questions

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3396

Which of the following is the basis of accounting in public service?

  • A. Expenditure
  • B. Accrual
  • C. Profit
  • D. Cash
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3397

Which of the following is not part of the double-entry system?

  • A. Profit and Loss Account
  • B. Appropriation Account
  • C. Trading Account
  • D. Balance sheet
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3398

The head office usually issues goods to branches at

  • A. cost price
  • B. prime cost
  • C. net realisable value
  • D. production cost
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3399

Receipts and Payments Account of Abalure Youth Club for the year ended 31st December 2018

Subscriptions for 2017 and 2019 received during the year were #180,000 and #150,000, respectively.

The surplus for the year 2018 was

 

  • A. #5,235,000
  • B. #7,865,000
  • C. #5,845,000
  • D. #7,535,000
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3400

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

  • A. 10%
  • B. 12%
  • C. 15%
  • D. 5%
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