Accounts - Principles of Accounts Past Questions and Answers

Badge Plc issued 450,000 ordeinary shares of 50k each at #1.50 per share
Application and allotment 45k
1st call 50k
2nd call 55k
Determine the amount received on final call.

A #225,000
B #236,250
C #247,500
D #202,500

Question 1072:

When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at

A A price above or below the stipulated price
B Any price but not below the transfer price
C Cost price
D A price that is equal to the mark-up

Question 1073:

The income and expenditure account differs from receipts and payments account because it

A Accounts for notional charges
B Records transactions that relate to the period on cash basis
C Records transactions that relate to the period on accrual basis
D Accounts for balance of cash at bank

Question 1074:

The major sources of revenue for the state and local governments is

A Value added tax
B Statutory allocation
C Taxes and levies
D Recurrent revenue

Question 1075:

1. The amount of the imprest is the same from one organization to another.
2. At the end of a fixed period, the petty cashier received a fixed sum of money.
3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
4. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the following is correct about the imprest system?

A II and IV
B II, III and IV
C I, II and III
D III and IV