Accounts - Principles of Accounts Past Questions and Answers

Receipt and payment account discloses?

A Debtors
B Creditors
C Prepayment
D Depreciation

Question 667:

Given:
Subscription in arrears 01/10/06...........N2 000
Subscription in advance 01/10/06...........N1 500
Subscription paid during the year..........N7 000
Subscription in arrears 31/12/06...........N3 000
Determine the amount of subscription included in the income and expenditure account for the year?

A N3500
B N7000
C N9500
D N13 500

Question 668:

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 669:

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 670:

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