Accounts - Principles of Accounts Questions
Question 216:
The best method of allocating expenses among departments is to?
- A Allocate expenses to each department in proportion to the sales of that department
- B Charge against each department those costs which are within its control
- C Charge expenses against each department in proportion to the purchases of that department
- D Allocate expenses to each section of the department in relation to the number of people
Question 217:
To record the transfer of stock from one department to another, the correct entry would be to debit?
- A Goods outwards and credit goods inwards
- B Merchandise account and credit department stock account
- C Department transfering and credit department receivving
- D Department receiving and credit department transfering
Question 218:
Use the information below to Answer questions 46 and 47.<br/>Among Limited invoiced goods at a cost of N10,000 to its Ikeja branch at a marginal of 20%. The branch later returned goods worth N1,200 at invoice price to the head office.<br/>The profit marginal should be?
- A Debit to goods sent to branch account
- B Debit to branch stock adjustment account
- C Credit to branch adjustment account
- D Credit to branch stock adjustment account
Question 219:
What is the correct entry in the head office books at the point of initial transfer of the goods?
- A Branch stock account would be credited with
- B Branch stock account would be debited with N12,000
- C Goods sent to branch account would be debited with N10,800
- D Goods sent to branch account would be credited with N12,000
Question 220:
Capital and revenue expenditures of government are usually accounted for under funds which include?
- A A personal advances, technical, special trust and
- B Technical, special trusth and commercial funds
- C Personal advances, treasury clearance and special trusth funds
- D Commercial loans and treasury clearance funds