Accounts - Principles of Accounts Past Questions and Answers

Receipts and payments accounts is the summary of?

A Income and expenditure
B Cash book
C Balance sheet
D Profit and loss

Question 32:

Given:
Total debtors b/d 31/12/99...............N25 000
Cheques received from debtors ...........N255 000
Total debtors c/d 31/12/00...............N15 000
Determine the sales figure?

A N295 000
B N265 000
C N245 000
D N215 000

Question 33:

Which of these is a capital expenditure warrant?

A Provisional general warrant
B Development fund general warrant
C Reserved expenditure general warrant
D Supplementary warrant

Question 34:

For the purpose of conversion of a partnership to a company, a total purchase consideration of N3.6m was paid. If 30% of the purchase consideration was in cash and the rest by 50k shares, how many shares issued?

A N1080 000
B N2 160 000
C N3 600 000
D N5 040 000

Question 35:

Given:
(i) the consolidation revenue fund balance b/d..N650 000
(ii) issue from contingency fund amount to......N240 000
(iii) amount transferred to contingency fund is.N210 000
What is the consolidation revenue fund balance?

A N1, 100 000
B N680 000
C N440 000
D N410 000