Accounts - Principles of Accounts Past Questions and Answers

If a company values its stock in the period of rising prices using LIFO method, there is a tendency for it to

Use the information below to answer the question<br/><br/><br/><table class='tbn'><tbody><tr><td> Gross profit b/dLess: Salaries and wages Electricity Depreciation Net profit c/d </td><td> Dept A ₦<u>6,000</u>1,800 ? 600?<u>6,000</u> </td><td> Dept B ₦<u>4,000</u>1,200 ? ?<u>1,6004,000</u> </td><td> Total ₦<u>10,000 </u> 3,000 2,000 1,000 <u> 4,00010,000</u> </td></tr></tbody></table><br/><br/><br/>It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.<br/><br/>What is the net profit made by department A?

Use the information below to answer the question<br/><table class='tbn'><tbody><tr><td> Gross profit b/dLess: Salaries and wages Electricity Depreciation Net profit c/d </td><td> Dept A ₦<u>6,000</u>1,800 ? 600?<u>6,000</u> </td><td> Dept B ₦<u>4,000</u>1,200 ? ?<u>1,6004,000</u> </td><td> Total ₦<u>10,000 </u> 3,000 2,000 1,000 <u> 4,00010,000</u> </td></tr></tbody></table><br/><br/><br/>It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.<br/>The depreciation to be charged to department B is

The accounting method that reports incomes when earned and expenses when incurred is called

Stationery which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called