Accounts - Principles of Accounts Questions
Question 36:
which of the following factors has aided the development of accounting?
- A The emergence of nation states
- B The discovery of mineral resources in commercial quantity
- C The growth in size of businesses and separation of ownership and management
- D The development and management of sophisticated monetary system
Question 37:
Which of the following concept stipulates that accounting profit is the difference between revenue and expenses?
- A Accrual concept
- B Conservatism concept
- C Prudence concept
- D Materiality concept
Question 38:
An effective accounting system should provide information
- A On new product and methods
- B For cutomer feed back and requirement
- C On internal and external reporting for managers and third parties
- D For promoters, directors, labour union and distributors
Question 39:
Which of the following accounting records are source documents?
- A Journal and ledgers
- B Sales invoice and cash book
- C Cash book and debit note
- D Sales invoice and debit note
Question 40:
Given: Motor van, N3,600, Premises, N5,000; Loan from R. Nwaeke, N1,000; Cash at bank; N1,650; stock of goods N4,800; Creditors, N2,560; Cash in hand, N250 and debtors N6,910. calculate the capital figure.
- A N19,650
- B N18,650
- C N17,850
- D NN16,850