Accounts - Principles of Accounts Questions
Question 1526:
A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance, what is the net book value at the second year?
- A N512
- B N525
- C N640
- D N700
- E N800
Question 1527:
Which of the following is treated under partnership appropriation account?
- A Interest on loan
- B Salary of workers
- C Electricity
- D Salary of partner
- E Travelling expenses of a partner
Question 1528:
Debtors at start was N5,620 and at close N3,460. Cash and cheques received from customers amounted to N16,330. Credit sales for the year valued
- A N3,460
- B N5,620
- C N14,170
- D N16,330
- E N18,490
Question 1529:
The excess of current assets over current liabilities is
- A Fixed capital
- B Registered capital
- C Nominal capital
- D Paid-up capital
- E Working capital
Question 1530:
Rate of stock turnover is defined as
- A Purchases over stock
- B Cost of goods available for sale over total of opening and closing stock
- C Cost of goods available for sale ovet total of opening and closing stock
- D Cost of goods sold over total opening and closing stock
- E Cost of goods sold over average stock