Accounts - Principles of Accounts Past Questions and Answers

keeping records under the single entry system has the advantage of?

A Quality in terms of records
B Completeness in terms of records
C Accuracy in terms of operation
D Simplicity in terms of operation

Question 32:

Control accounts help to verify the arithmetic accuracy of the postings from the?

A Subsidiary books into the trial balance
B Ledger into the trial balance
C Journals into the ledgers
D Subsidiary books into the ledgers

Question 33:

Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?

A N30,000
B N40,000
C 50,000
D N20,000

Question 34:

Given:
Balance at 31st December ............N14,744m
Treasury Bills issued Jan-Dec........N7124m
Revenue for the year ................N6387m
Expenditure .........................N8767m
What is the opening balance on the consolidated revenue fund account?

A N10,000m
B N12,000m
C N90,000m
D N11,000m

Question 35:

Upon the dissolution of a partnership, the Partnership Act provides that the amount realized should be?

A Used to pay all taxes due to government
B Used to start a new partnership business by members who are willing
C Shared equally by the existing partners
D Used in paying the debts and liabilities of the firm to persons who are not partners