Accounts - Principles of Accounts Past Questions and Answers

A business is required at par when the?

A Purchase consideration equals goodwill
B Purchase consideration equals net value
C Purchase consideration is greater than the net value
D Net assets is greater than the liabilitties

Question 272:

Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?

A N22,470
B N17,470
C N8,440
D N5,000

Question 273:

Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?

A N4,485
B N5,256
C N6,085
D N6,556

Question 274:

Yola Social Club
Statement of Account 1998 financial year
31/12/98:
Subscription in arrears N21,000
Subscription in advance N12,000
Receipt during 1999:
Arrears 1998 N21,000
Dues 1999 N48,000
Advance 2000 N11,000
The subscription transferable to the income and expenditure account is?

A N48,000
B N59,000
C N60,000
D N69,000

Question 275:

The most appropriate basis for apportioning inventory holding cost among departments is to use the value of?

A Purchases
B Opening stock
C Closing stock
D Average stock