Accounts - Principles of Accounts Past Questions and Answers

Given: i. The memorandum of association of the company ii. The article of association of the company iii. The incorporation documents. From the above, which of the following is delivered to the registrar of companies for incorporation?

A I, ii and iii
B I and ii
C I and iii
D Ii and iii

Question 17:

The formular for calculating depreciation using straight line method is

A Cost-scrap value/useful life
B Scrap value+sales/useful life
C Sales-scrap value/useful life
D Purshases+sales/useful life

Question 18:

The two legally recognized professional accounting bodies in Nigeria are the

A Nigerian Accounting Association and the Executive Cost and Management Accountants of Nigeria
B Institute of Certified Public Accountants of Nigeria and the Institute of Cost and Management Accountants
C Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria

Question 19:

Use the information below to answer this question: i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank Determine the fixed assets

A Iii and iv
B I and v
C Ii and iv
D Ii and vi

Question 20:

Use the information below to answer this question: i. cash at bank ii. cash in hand iii. premises iv. land v. creditors vi. loan from friends/bank What are the current assets?

A I and v
B I and ii
C Ii and iv
D Iii and v