Accounts - Principles of Accounts Past Questions and Answers

use the following information to answer the given question <br/>\(\begin{array}{c|c} & N \\ \hline \text{Opening stock:} & \\ \text{- raw materials} & 6,500 \\ \text{-work-in-progress} & 2,500 \\ \text{Closing Stock:} & \\ \text{- raw materials} & 4,000 \\ \text{-work-in-progress} & 1,000 \\ \text{Purchases of raw materials} & 12,500 \\ \text{Manufacturing wages} & 2,000 \\ \text{Factory rent} & 500\end{array}\)<br/>What is the prime cos?

A N19,000
B N18,000
C N17,500
D N17,000

Question 1782:

The vote book in Public Sector Accounting is used to

A Register the names of voters
B Control expenditure
C Control government policy
D Record revenue accuring to the government

Question 1783:

The accounting entry for depreciation at the end of each year is to debit

A Provision for depreciation account and credit machinery account
B Provision for depreciation account and credit profit and loss account
C Trading account abd credit provision for depresiation account
D Manufacturing account and credit provision for depreciation account

Question 1784:

An account is said to have a debit balance because

A The first entry made in it is on its debit side
B There aer more entries on the debit side than on the credit side
C Total value of debit entries is more than total value of credit entries
D There is no entry at all on the dbit side

Question 1785:

A motor vehicle bought for N16,000 was estimated to have a useful life span of 4 years and a scrap of N2,000. What is the net book value of the motor vehicle at the end of the third year, using the straight line method?

A N9,000
B N5,500
C N3,500
D N2,000