Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer this question<br/>An asset was bought on 1st January, 1992 for N20,000. Depreciation was provided for annually at 20% on cost. It was sold for N7,000 on 1st July, 1995.<br/>The profit on sale was

A N8.00
B N7,000
C N6,000
D N5,000
E N1,000

Question 1622:

In Manufacturing Account, prime cost plus factory overhead is known as

A Conversion cost
B Cost of raw materials consumed
C Total cost
D Production cost
E Cost of work in progress

Question 1623:

Which of the following is an advantage of the impurest system?

A Making hig profits in the business
B Rewarding the imprest holder
C Easy prearation of the final accounts
D Meeting small items of expenditure
E Enabling the Trial Balance to agree

Question 1624:

Where a business is purchased, the full amount of the purchase consideration is credited to

A Purchase of Business Account
B Creditor's Account
C Vendor's Account
D Purchaser's Account
E Debtor's Account

Question 1625:

A financial plan of action expressed in monetary terms is known as

A Imprest
B Consolidated fund
C Warrant
D Budget
E Development fund