Accounts - Principles of Accounts Past Questions and Answers

The two legally recognized professional accounting bodies in Nigeria are the

A Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
B Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
C Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria

Question 2797:

Use the information below to answer this question: i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank Determine the fixed assets

A Iii and iv
B I and v
C Ii and iv
D Ii and vi

Question 2798:

Use the information below to answer this question: i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank What are the current assets?

A I and v
B I and ii
C Ii and iv
D Iii and v

Question 2799:

Use the information below to answer this question A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis. The share premium account would be

A Credited with application and allotment ₦187,500
B Debited with application and allotment ₦375,000
C Debited with application and allotment ₦187,500
D Credited with application and allotment ₦375,000

Question 2800:

Use the information below to answer this question A company advertised and issued 750,000, 12% preference shares of N1 each to be issued ₦1.50 per share. Applications for 1,370,000 were received at 30k per share. 70k per share (including premium) was due on allotment while 25k per share was due on each of the remaining two calls. All amounts due were received. Application money for 120,000 shares was refunded to unsuccessful applicants and the remaining applicants were allotted shares on prorata basis. The second final call account was debited with

A Ordinary share capital account ₦187,500
B 12% preference share capital account ₦187,500
C 12% preference share capital ₦375,000
D Bank account ₦187,500