Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer questions 11 and 12.
The initial imprest as at July Ist was N500. Petty cash vouchers with the custodian by July 15th added up to N394. An IOU slip received from a co-worker was N65 and there was a shortage of N5 cash. The co-worker made refund on July 18th just before the imprest was replenished.
What was the actual cash in the till as at 15th July?

A N106
B N101
C N70
D N36

Question 32:

Sobande Incorporation acquired a machine that involved the following expenditures and related factors.
N
Gross invoice price 15,000
Sales tax 900
Purchases discount taken 300
Freight 750
Assembly of machine 500
Installation of machine 800
Assorted spare parts for future use 1200
Turing and adjusting machine 700
What is the initial accounting cost of the machine?

A N19,550
B N18,950
C N18,350
D N17,500

Question 33:

The contribution marginal on a job is the?

A Gross profit
B Net profit
C Excess of sales revnue over variable costs
D Difference between fixed and variable costs

Question 34:

The objective of allocating all costs to producer is to?

A Produce a scientifically accurate cost
B Avoid unallocated overhead and compute total accounts
C Co-odinate the cost and financial accounts
D Compute the contribution of the product to the final profit

Question 35:

The term fiscal compliance means?

A Al financial and related laws and regulations are adhered to
B Only the budget fir the current period is complied with and no deficits allowed
C All physical assets requirements have been met
D Fiscal planning is necessary for proper accountabilit in the public sector