Post Utme Accounts - Principles of Accounts Questions
Question 221:
In the absence of a partnership agreement, profits and losses are shared
- A Equally
- B In the ratio of drawings
- C In the ratio of capital
- D According to services rendered
Question 222:
The assumption that a business has perpetual existence is recognized by
- A Entity concept
- B Realization concept
- C Going concern concept
- D Periodicity concept
Question 223:
Opening stock of raw materials was ₦120,000, purchases ₦480,000, and closing stock ₦100,000. Raw materials consumed equals:
- A ₦460,000 materials
- B ₦520,000 materials
- C ₦600,000 materials
- D ₦500,000 materials
Question 224:
Which expense is directly connected with production?
- A Direct materials cost
- B Sales promotion expense
- C Office electricity expense
- D Bank interest charge
Question 225:
Which account is prepared by manufacturing businesses only?
- A Bank reconciliation
- B Manufacturing account
- C Debtors ledger account
- D Cash book account