Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer question
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
Determine the closing stock?

A N5 500
B N6 500
C N2 500
D N4 500

Question 7:

Use the information below to answer question .
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
The value of goods sent to branch is?

A N4 000
B N6 000
C N8 000
D N2 000

Question 8:

Expense paid during the conversion of a partnership to a company are?

A Debited to the partners' capital account
B Debited to the realization account
C Debited to the cash account
D Credited to the realization account

Question 9:

In the trading and profit and loss account of a manufacturing organization, purchases is?

A Always the same amount as the total factory overhead cost
B Given separately
C Equivalent to the total cost of goods manufactured
D Always the same as the prime cost

Question 10:

Goods worth N50 000 were sent at different times from head office to the branch during the year.
By the end of the period, only N40 000 worth of goods had arrived at the branch. Which of the following is correct about the treatment of this transaction?

A Branch should debit goods received from head ofice with N50 000
B Head office should debit goods sent to branch account with N10 000
C Head office should debit goods sent to branch account with N50 000
D Branch should debit goods received from head office with N10 000