Accounts - Principles of Accounts Past Questions and Answers

Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?

A N4,485
B N5,256
C N6,085
D N6,556

Question 37:

Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:
Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000
The subscription transferable to the income and expenditure account is?

A N48,000
B N59,000
C N60,000
D N69,000

Question 38:

The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?

A Purchases
B Opening stock
C Closing stock
D Average stock

Question 39:

The body constitutionally charged with the responsibility of examining the audited accounts of the Federation and other reports as referred by the National Assembly is the?

A Public Accounts Committee
B Public Audit Committee
C Internal Audit Committee
D External Audit Committee

Question 40:

(i) Meet growth and diversification need.
(ii) Reach out to particular customers or markets
(iii) Comply with some regulatory directives
(iv) Increase employees' income.
Which of the reasons above do companies consider in establishing branches?

A I and ii
B I, ii and iii
C Ii, iii and iv
D Iii and iv