Accounts - Principles of Accounts Past Questions and Answers

Cash discount received is shown in the i. cash ii. Discount Received Account iii. suppliers' Account

A I and ii
B Ii and iii
C I and iii
D I,ii and iii

Question 1942:

Which of the following is not an input device?

A Diskette
B Card
C Keyboard
D Printer

Question 1943:

A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is charged to profit and loss account for the year 2000?

A N45,000
B N42,000
C N36,000
D N33,000

Question 1944:

Depreciation is

A Cost of repairs incurred on a fixed asset
B A charge for the wear and tear of fixed assets
C The cost incurred on replacing a fixed asset
D Provision for loss of fixed asset

Question 1945:

A trader paid insurance premium of N45,000 for 15 months ended 31st March, 2000. He prepares account to 31st December. How much is carried in the Balance Sheet at 31st December, 2000?

A N45,000
B N12,000
C N9,000
D N4,500