Accounts - Principles of Accounts Questions
Question 1331:
Which of the following does not belong to the group?
- A Straight line
- B Insurance policy
- C Diminishing balance
- D Reducing balance
- E Accumulated depreciation
Question 1332:
Prime cost consist of
- A Factory cost and cost of material
- B Overhead cost and direct cost
- C Direct expenses, direct labour and direct material
- D Direct expenses and direct labour
- E Cost of sale factory cost and cost of materials
Question 1333:
Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid's current account?
- A N940
- B N1,460
- C N2,040
- D N3,060
- E N3,600
Question 1334:
Which of the following errors affects the trial balance?
- A Commission
- B Omission
- C Principle
- D Original entry
- E Lone entry
Question 1335:
The trial balance will show return outwards account N60. discount allowed account N100, respectively as
- A N60 credit, N100 credit
- B N60 credit, N100 debit
- C N60 debit, N100 debit
- D N61 debit, N100 credit
- E N160 credit, N60 credit