Accounts - Principles of Accounts Questions
Question 1911:
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)<br/>The amount of factory overhead is
- A N42,300
- B N31,800
- C N28,800
- D N21,000
Question 1912:
Carriage inward expenses of a business is treated in
- A Trading account
- B Balance sheet
- C Appropriation account
- D Profit and loss account
Question 1913:
A provision is
- A An amount set out of profit for other uses
- B An amount of loss from trading activities
- C An expense of buisiness to be paid for in cash
- D A loss in value of all business assets
Question 1914:
The term bad debt is used to describe
- A A debt that cannot be recovered
- B A debt that is long over due
- C An overcharge on a debtor's account
- D A debt owned by a former employee
Question 1915:
The double entry for refund of unsuccessful application monies is debit
- A Application for shares account, credit bank account
- B Bank account, credit application for shares accoun
- C Allotment account, credit bank account
- D Cash account, credit bank aaccount