Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer this question A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent. The amount of goodwill was

A N4,000
B N3,000
C N2,000
D N1,6000
E N1,000

Question 1647:

When a share is sold for less than its nominal value, the difference is called

A Discount
B Reserve
C Premium
D Loss
E Goodwill

Question 1648:

Which of the following serves the same purpose as a Trading Account?

A Branch Adjustment Account
B Goods sent to Branch Accout
C Branch Stock Account
D Branch Debtors Account
E Branch Returns Account

Question 1649:

Which of the following is not a revenue receipt?

A Receipt from sales of goods
B Rent from premises sublet
C Interest on savings account
D Cash on sale of fixed asset
E Receipt from trade debtors

Question 1650:

Use the following to answer the given question Creditors Control Account: \(\begin{array}{c|c} & & & N \\ \hline Bank & \text{"X"} & \text{Balance b/d} & 1,200 \\ Discount & 30 & \text{"Y"} & 1,800 \\ \text{Balance c/d} & 450 & & \\ \hline & & & & \hline \end{array}\) How much "X" ?

A N3,480
B N2,520
C N1,800
D N1,320
E N1,200