Accounts - Principles of Accounts Past Questions and Answers

The objective of departmental account is to

A Ascertain the amount of profits or losses for the enterprise
B Ascertain the amount of profits or losses for each department
C Ascertain the cost of running the organization
D Offset the loss of each department

Question 42:

Which of the following expenses relate to the profit and loss account of a manufacturing firm?

A Administrative overhead
B Direct labour
C Direct materials
D Work-in-progress

Question 43:

The difference between book keeping and accounting is that while

A Book keeping interprets data, accounting records it
B Book keeping is regarded as the language of the business accounting ascertians its strength and weakness
C Book keeping records data accounting interprets it
D Book keeping summaries information accounting communicatesit

Question 44:

Alaka who owed Saka N15,000, settled his debt after deducting cash discount of 10%. To record the discount in the book of Saka, debit

A Saka's account and credit discount received account
B Alaka's account and credit discount received account
C Discount received account and credit Alaka's account
D Discount allowed account and credit Alaka's account

Question 45:

Use the information below to answer the question that follows,A machine bought for N35,000 was estimated to have a life span of 5years with a scrap value of N9,000.

If the scrap value is now N15,000. What will be the yearly depreciation using the straight line method.?

A N11,000
B N7,000
C N4,000
D N24,000