Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer this question
₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
What is the net working capital?

A ₦1800
B ₦800
C ₦2600
D ₦600

Question 1382:

A major cause of discrepancy between the bank statement and the cashbook that overstates the bank statement balance is the

A Commission paid
B Interest received
C Direct withdrawal
D Direct payment

Question 1383:

The major feature of a journal is that it has

A Five columns, date, particulars, folio, debit and credit
B Three columns, date, particulars, folio and amount
C Six columns, date. particulars, folio, amount debit and credit
D Four columns, date, particulars, folio and amount

Question 1384:

In the head office ledger, the value of goods sent to the branch are

A Debited to the branch current account
B Debited to the head office current account
C Credited to the head office current account
D Credited to the branch current account

Question 1385:

Use the information below to answer this question
A machine bought for ₦35,000 was estimated to have a life span of 5 years with a scrap value of ₦9000.

The yearly depreciation using the straight-line method would be

A ₦5200
B ₦800
C ₦6500
D ₦4400