Accounts - Principles of Accounts Past Questions and Answers

The two legally recognized professional accounting bodies in Nigeria are the?

A Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria

Question 67:

Verifiability in accounting is only possible when there are?

A Minutes of meetings
B Payment vouchers
C Source documents
D Audit certificates

Question 68:

Which accounting concept supports the assertion that economic reality takes precedence over legal issues?

A Realization concept
B Substance over form
C Conservatism
D Measurement concept

Question 69:

Given:
Capital ...........N1000
Liabilities........N500
Assets.............N1500
The accounting equation can be expressed as?

A N1000 + N500 + N1500 = N3000
B N1000 - N500 + N1500 = N2000
C N1000 + N500 = N1500
D N1500 + N500 = N2000

Question 70:

Use the information below to answer question .
...........PQ Manufacturing Company
Raw materials (1/11/2001)...........N3 500
Raw materials (31/12/2001)..........N4 900
Purchase of raw materials...........N56 000
Salary .............................N63 000
Wages...............................N148 000
Factory lighting ...................N3 080
Plant Depreciation..................N2 800
Factory Insurance ..................N2 170
The company consumed raw materials worth?

A N54 600
B N56 000
C N57 400
D 59 500