Accounts - Principles of Accounts Past Questions and Answers

The main reason for adopting a departmental account is to?

A Record transactions for each department for betterdocumentation
B Tackle any recording problem as a result of expansion
C Continuously evaluate the profitability of different departments
D Ensure that departmental mangers are adequately monitored

Question 32:

Given:
(i) Cost price (ii) Selling price (iii) Cost plus fixed percentage (iv) Price above cost and selling price
From the information above, the prices used in charging goods to the branches are?

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

Question 33:

If a GSM operator based in Lagos supplies recharge cards to its branch in Akure, the head office can charge the goods at?

A Selling price
B Akure price
C Company price
D Lagos price

Question 34:

Given:
Capital:..G...........N5 000
..........T...........N8 000
Drawings: G...........N2 000
..........T..........N1 000
Interest on capital..10%
Interest on Drawings..5%
Find the interest on drawings of G?

A N50
B N100
C N200
D N250

Question 35:

The entry in the partnership books of accounts for interest on drawings is to?

A Credit partners capital account
B Debit partners capital account
C Credit drawings account
D Debit drawings account