Principles of Accounting (2017 | Study Mode

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Question 31
A
the partnership experiences super profit
B
a new member is admitted
C
the business is being expanded
D
the business suffers high loss
Explanation
The partnership experiences super profit: super profit is the profit that is generated by intangible asset or the profit that is attributed by the tangible asset when such profit is capitalized we get intangible asset or goodwill

Correct option: A
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Question 32
A
II and IV only
B
I,II and IV only
C
I,II and III only
D
II,III and IV only
Explanation
Dissolution of partnership business simply means the break up of partnership business and which are caused by many factors
II,III and IV: disposal of asset does not constitute dissolution

Correct option: B
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Question 33
A
cash discount
B
trade discount
C
cash transaction
D
Bank transaction
Explanation
A cash discount is a deduction allowed by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time

Correct option: A
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Question 34
A
received from a creditor
B
allowed to a debtor
C
received from a debtor
D
allowed to a creditor
Explanation
Allowed to a debtor: the debit side of the cashbook is where all proceeds from sales are recorded and have to be matched with the discount allowed to the debtor /creditor

Correct option: B
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Question 35
A

12,000

B

15,000

C

16,000

D

9,000

Explanation

Before calculating the discount received in Dep. B

We need to calculate the percentage of purchases for Dep B

Out of the total purchases

Dep. A purchases 150,000

Dep. B purchases 250,000

400,000 - Total purchases

therefore; \(\frac{250,000 \times 24,000}{\text{(Total discount received)}}\) x 400,000

= 15,000


Correct option: B
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Question 36
A
Consolidated Revenue Fund
B
Consolidated Reserve Fund
C
Special Operational Fund
D
General-Reserve Fund
Explanation
consolidation revenue fund generate its revenue through allocation from the federation account, court fees and fines etc and is used to finance government operation e g cost, overhead

Correct option: A
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Question 37
A

4207

B

9527

C

6907

D

9877

Explanation

\(\begin{array}{c|c} & \text{} & \text{} \\ \hline \text{Balance as per cash book} & & 5469 \\ \hline \text{Unpresented cheque} & 19494 & \\ \hline \text{Cheque wrongly debited} & 1440 & 20844 \\ \hline & & 26,311 \\ \hline \text{Uncredited cheque} & & 4410 \\ \hline \text{Balnce as per bank statement} & & 21,901\end{array}\)


Correct option: B
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Question 38
A

5,000

B

9,375

C

5,625

D

8,000

Explanation

To determine the discount allowed by Department A, the percentage of sales by Department A need to be calculated

Dep A 250,000

Dep B \(\frac{150,000}{400,000}\)

% of Dep A = \(\frac{250,000}{400000}\) X 100

= 62.5%

Discount allowed in Dep A = \(\frac{62.5}{100}\) x 250,000

= 9,375

= 9,375


Correct option: B
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Question 39
A
Federal government
B
state government
C
local government
D
municipal government
Explanation

Explanation not provided, please join discuss, your contributions are welcomed


Correct option: C
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Question 40
A
Bank balance decrease and cash balance increase
B
bank balance decrease and cash balance decrease
C
cash balance increase and bank balance increase
D
cash balance decrease and bank balance increase
Explanation
Cash balance decrease and bank balance increase: The cash as leaving the cash till and will be deposited into the bank

Correct option: D

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