Accounts - Principles of Accounts Past Questions and Answers

Departmental accounts re maintained to ascertain the

The Asa branch of Emene company Ltd, made a sales of N549,000 from the goods sent from the head office during the period ended 31/12/94. These sales were based on a 22% mark up. If branch expenses were N34,400 and there were no discrepancies, what should be the profit of the branch for the period?

Which of the following statement is correct about the head office current account and the branch current account?

Which of the following are sources of revenue to state government in Nigeria?<br/>I Statutory allocation<br/>II Fines from customary courts<br/>III Petroleum tax<br/>IV Income tax<br/>IV

Eko Local Government expenditure<br/>Hospital building ---------------------- N200,000<br/>Drugs ---------------------------------- N180,000<br/>Hospital beds and mattresses ------------ N40,000<br/>Doctors' and nurses' salaries ---------- N120,000<br/>Administrative expenses ----------------- N50,000<br/>Capital expenditure is