Accounts - Principles of Accounts Past Questions and Answers

Sundry debtors in the balance sheet of Onoja Bakery and Sons totaled #800,000. A provision for bad and doubtful debts.
Find the amount for sundry debtors after provision.

A #744,800
B #760,000
C #784,000
D #744,000

Question 37:

Which of the following is accounted for in receipts and payments account?

A Accrued expenses on annual dances
B Subscriptions due but not yet received
C Interest on bank deposit
D Depreciation of the club house

Question 38:

When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of

A Capital reserve
B Revenue reserve
C Net income
D Net loss

Question 39:

An increase in government expenditure within a year is taken care of by means of

A Virement
B Financial regulations
C Supplementary estimate
D Warrant

Question 40:

A business organization prepares departmental account in order to

A Asertian the contribution of each department to the organization
B Ascertain interdepartmental transfer
C Build other branches
D Know the number of departments in the organization