Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer this question.
Buhari and Osinbajo are in partnership with the following partnership agreement
Buhari Osinbajo
Capital 40, 000 70, 000
Salary 10, 000 15, 000
Int.on capital 5% 5%
Profit/loss sharing ratio 40 : 60
The net profit for the year ended is N80,000.
"Drawings are N80, 000 and N12, 000 for Buhari and Osinbajo respectively"
What is Osinbajo share of profit?

A N19, 800
B N49, 500
C N48, 000
D N29, 700

Question 992:

The major distinguishing element between the final account of a partnership and that of a sole trader is the

A Drawing account
B Capital account
C Creditor account
D Appropriation account

Question 993:

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Stock} & 11,250 \\
\hline
\text{Debtors} & 18,750 \\
\hline
\text{Creditors} & 3,750 \\
\hline
\text{Bank} & 4,000 \\
\hline
\text{Net profit} & 7,500 \\
\hline
\text{Net} & 60,000 \\
\end{array}\)
Determine the debtors collection period

A 114 days
B 68 days
C 37 days
D 41 days

Question 994:

Prime cost is one of the following

A Expenses which can be identified with an allocated to cost centers
B Aggregate direct material cost, direct labour cost and variable direct expenses
C The cost taken into account in the production process whether direct or indirect
D The cost of commodities supply to an undertaking

Question 995:

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

A Materiality
B Accrual
C Going concern
D Business entity