Accounts - Principles of Accounts Questions
Question 116:
Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is?
- A N125 000
- B N500 000
- C N50 000
- D N25 000
Question 117:
What is the balance of the bank account shown above?
- A N88 500 debit
- B N 88 500 credit
- C N 59 410 credit
- D N 59 410 debit
Question 118:
In analyzing incomplete records, which of the following should be investigated?
- A The general ledger
- B The purchases day book and sales day book
- C The nature of trading activities and the basis on which goods are sold
- D The asset register together with the depreciation schedule
Question 119:
Given: N<br/>Direct material - 10 000<br/>Direct labour - 5000<br/>Direct expenses - 2000<br/>Factory overhead - 4000<br/>What is the prime cost?
- A N21 000
- B N 17 000
- C N 15 000
- D N 6 000
Question 120:
The difference between a trading account and a manufacturing account is that while the manufacturing account
- A Has no particular period, the trading account has
- B Does not consider the cost of goods involved, the trading account does
- C Is concerned with the cost of production, the trading account is not
- D Is not concerned with the stock of raw materials the rading account is