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Accounts - Principles of Accounts Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
3431

Which of the following is determined in the Trading Account?

  • A. Net profit
  • B. Prime cost
  • C. Factory overheads
  • D. Cost of goods sold
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3432

An example of a self-balancing account is the

  • A. control account
  • B. creditors account
  • C. suspense account
  • D. debtors account
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3433

Which of the following transactions is a revenue expenditure?

  • A. Purchase of a new engine
  • B. Construction of office wall
  • C. Purchase of fuel for vehicle
  • D. Purchase of a plant
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3434

Suspense account is used in the correction of

  • A. errors that affect the agreement of a trial balance
  • B. errors that affect the accuracy of the net profit
  • C. errors that do not affect the agreement of a trial balance
  • D. all errors in the trial balance
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3435

When shares are sold at less than the nominal value, it means they are issued at

  • A. a premium
  • B. par
  • C. a loss
  • D. a discount
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