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Accounting Past Questions
Using the straight line method, the depreciation charged for year 2002 was
- A. N 160,000
- B. N 130.000
- C. N 100,000
- D. N 60,000
An error of principle is made, if
- A. an entry has been made in the wrong class of account
- B. a transaction has been completely omitted
- C. an entry has been made on the wrong side of the two accounts concerned
- D. a transaction is entered in both accounts for the wrong amount
At the end of a trading period, wages will be
- A. debited to trading account and shown as a current liability
- B. credited to profit and loss Account and shown as a current liability
- C. credited to trading account and shown as a current asset
- D. debited to profit and loss account and shown as a current liability
Which of the following is not stated in the partnership agreement?
- A. Profit sharing ratio
- B. Interest on capital
- C. Interest on fixed asset
- D. Purpose of partnership
Prepaid wages is an item in the (i)Balance Sheet (ii) Profit and loss account (iii)Trading account (iv) Cash account
- A. i, ii, iii only
- B. ii, iii
- C. i, ii
- D. iii, iv
When the purchase consideration exceeds the value of business, the difference is
- A. profit
- B. discount
- C. goodwill
- D. reserve
Which of the following items is not treated in the Profit and Loss Account?
- A. Office expenses
- B. Salaries and allowances
- C. Carriage inwards
- D. Discounts allowed
Which of the following is not a capital expenditure to a local government?
- A. Beds
- B. Theatre equipment
- C. Incubators
- D. Drugs
Administrative, selling and distribution expenses in a manufacturing firm are recorded in
- A. Trading Account.
- B. Manufacturing Account.
- C. Profit and Loss Account.
- D. Balance Sheet.
What is the accumulated fund?
- A. 23,700
- B. 27,750
- C. 29,650
- D. 51,650