Accounts - Principles of Accounts Past Questions and Answers

The process of cost apportionment is carried out so that

A Indirect costs may be controlled
B Cost units could gather overhead as they pass through cost centres
C Variable costs may be controlled
D Common costs are shared among cost centres

Question 62:

Preliminary expenses is an example of

A Fictitious assets
B Liquid assets
C Wasting assets
D Tangible assets

Question 63:

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)
The prime cost for the company is

A N169, 200
B N44, 200
C N55, 800
D N230, 200

Question 64:

What is the ledger entry for sale of generator on credit to Patrick?

A Credit sales account and debit Patrickâ€™s account
B Credit generator account and debit cash account
C Credit sales account and debit cash account
D Credit generator account and debit Patrickâ€™s account

Question 65:

Sai Baba made sales of N10,000 having computed his gross profit % to sales to be 20. His opening stock was N250 and ending stock is N200. Calculate his purchases.

A N7950
B N8050
C N7050
D N8950