Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The opening capital is

A N52,2000
B N51,200
C N48,300
D N39,500
E N28,000

Question 1722:

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Furniture and Fittings} & 15,000 \\ \text{Land and building} & 40,000 \\ \text{Motor Vehicles} & 25,000 \\ Stock & 10,000 \\ Debtors & 27,000 \\ \text{Cash in hand} & 2,000 \\ \text{Bank overdraft} & 17,500 \\ \text{Profit and loss b/d} & 28,000 \\ \text{Rent owing} & 800 \\ \text{Sundry creditors} & 22,000\end{array}\)
The value of total fixed assets is

A N119,500
B N90,000
C N80,000
D N79,200
E N68,300

Question 1723:

Accounts payable is

A An accrual
B A provisin
C A current liability
D A long-term liability
E A current asset

Question 1724:

Which of the following is/are true? i. depreciation charges increase profits ii. reduction in provision for bad debt increases profit iii. undervalued stock increases profits

A Ii and iii
B I and iii
C Iii
D Ii
E I

Question 1725:

Uche returned goods worth N1,500 to Udo. Uche should receive

A An invoice
B A statement of account
C A debit note
D A credit note
E Goods received note