Accounts - Principles of Accounts Past Questions and Answers

The imprest account is subsidiary to the?

A Ledger account
B Bank account
C Cash book
D Bank column

Question 447:

Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the year amounted to 22,100. His closing capital was N73,800.
Zakari's personal drawings amounted to?

A N2,300
B N9,900
C N17,100
D N19,500

Question 448:

The balance on the provision for depreciation account is?

A Added to fixed assets on the balance sheet
B Deducted from the fixed assets on the balance sheet
C Deducted from the profitand loss account
D Added to current liabilities of the account

Question 449:

Given:
Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in the same period at N115 per month.
Determine the amount of prepaid rates?

A N345
B N750
C N1,380
D N1,500

Question 450:

Where closing stock is undervalued, the effect is?

A An increase in gross profit
B A decrease in gross profit
C An increase in purchases
D A decrease in purchase