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Accounting Past Questions
If the equipment account has a balance of N22.500 and its accumulated account has a balance of N14,000 the book value of the equipment is:
- A. N22.500
- B. N8.500
- C. N 14,000
- D. N36.500
- E. N36.500
Stock valuation is useful because it informs the sales department on the
- A. prices of the competing goods
- B. prices that will affect profitability
- C. number of goods to produce
- D. number of goods to sell.
- E. number of goods to sell.
What is Kunle’s share of the profit?
- A. N 600
- B. N 300
- C. N180
- D. N 120
- E. N 120
An advantage of control account is
- A. locating figures.
- B. adding figures.
- C. changing figures.
- D. locating errors.
- E. locating errors.
The records of Superstores shows a loan of N14,000 from Bala, creditor N8, 000 and assets N190, 500. What is the firm’s capital?
- A. 184, 000
- B. 1 96, 500
- C. 212 000
- D. 168, 500
- E. 168, 500
Agreement between partners is contained in the Partnership
- A. Act.
- B. Deed.
- C. Accord
- D. Deal.
- E. Deal.
Which of the following is component of prime cost?
- A. Depreciation
- B. Royalty
- C. Factory rent
- D. Factory electricity
- E. Factory electricity
The statement of assets and liabilities in the public sector can be described as the
- A. income and expenditure account of government
- B. appropriation account of government
- C. balance sheet of government
- D. funds flow statement of government
- E. funds flow statement of government
Which of the following is not a personal account?
- A. Bolaji Account
- B. Drawings Account
- C. P.Z. Plc Account
- D. Cash Account
- E. Cash Account
A Sales Day Book is used to record
- A. cash sales of stock
- B. credit sales of stock
- C. cash and credit sales of stock
- D. cash sales of fixed assets
- E. cash sales of fixed assets