Accounts - Principles of Accounts Past Questions and Answers

Which of the following formulae is used to calculate stock turnover rate?

A \(\frac{sales}{\text{average stock}}\)
B \(\frac{\text{cost f sales}}{\text{average stock}}\)
C \(\frac{\text{cost of sales}{\text{opening stock}}\)
D \(\frac{\text{cost of sales}}{\text{average stock}}\)

Question 2192:

Which of the following bases of accounting does not make allowance for depreciation?

A Cash basis
B Accrual basis
C Matching basis
D Commitment basis

Question 2193:

Use the following to answer the given question, \(\begin{array}{c|c} & â‚¦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\) Total assets is

A â‚¦240,000
B ₦220,000
C â‚¦200,000
D â‚¦180,000

Question 2194:

Use the following to answer the given question, \(\begin{array}{c|c} & â‚¦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\) Current ratio is

A 4 : 1
B 3 : 1
C 2 : 1
D 1 : 1

Question 2195:

Use the following to answer the given question, \(\begin{array}{c|c} & â‚¦ \\ \hline Premises & 100,000 \\ Plant & 50,000\\ Fixtures & 30,000\\ Stock & 2,000 \\ Debtor & 10,000\\ Cash & 10,000\\ Creditors & 20,000 \end{array}\) Quick ratio is

A 4 : 1
B 3 : 1
C 2 : 1
D 1 : 1