Accounts - Principles of Accounts Past Questions and Answers

Which of the following is not an accounting concept?

A Entity
B Going-concern
C Consistency
D Historical cost

Question 1917:

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. The net book value at the time of sale was

A N39,000
B N16,000
C N14,000
D N12,000

Question 1918:

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Accumulated depreciation is

A N48,000
B N39,000
C N36,000
D N21,000

Question 1919:

An asset was bought on 1st January, 1995 for N60,000. Depreciation was provided for annually at 20% on cost. It was sold for N21,000 on 30th October 1998. Depreciation is charged fully in the year of disposal. Profit on sale is

A N24,000
B N21,000
C N18,000
D N9,000

Question 1920:

The capital sum which represents the difference between he asset and liabilities of a society or club is

A Working capital
B Accumulated fund
C Consilidated fund
D Reserved capital