Principles of Accounting | Study Mode

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Question 31
A
Accruals
B
inventory
C
subscription
D
depreciation
Explanation

is adjusted for in the income and expenditure account


Correct option: C
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Question 32
A
A constitution
B
A law
C
A deed
D
An article
Explanation

A partnership deed is a written agreement among the partners specifying rules and regulations and is signed by all the partners and stamped as per stamp act with an aim to prevent possible disputes and disagreements among the partners at future dates


Correct option: C
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Question 33
A
#22,800
B
#9,200
C
#800
D
#21,200
Explanation

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


Correct option: B
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Question 34
A

Sule1/3, Ahmed1/3, Khadija 1/3

B

Sule 2/5, Ahmed 2/5, Khadija 1/5

C

Sule1/5, Ahmed1/5, Khadija3/5

D

Sule2/5, Ahmed1/5, Khadija2/5

Explanation

If Khadija is to take 1/5th i.e. 20%

Sule and Ahmed are to share 80% (100% - 20%) equally

Sule = 2/5

Ahmed = 2/5

Khadija = 1/5


Correct option: B
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Question 35
A
Cost price
B
Cost plus mark up
C
Selling price
D
Market price
Explanation

Goods are transferred from head office to branch at cost price, selling price and cost price plus mark up


Correct option: B
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Question 36
A
Stock and repayment
B
Creditors and cash in transit
C
Stock and cash in transit
D
Debtors and cash in transit
Explanation

Goods in transit are goods sent by the head office to branch but by the close of financial year, these goods have not yet reached the branch.

Cash in transit are cash remitted by the branch to head office by the end of the financial year this cash has not yet reached the head office

Another major cause of discrepancy is returns in transit. This is the returns by the branch to head office but by the end of the year, they have not been received by the head office


Correct option: C
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Question 37
A
Over all performance of a division
B
Cost per unit of a profit
C
Price per unit of a product
D
Over all performance of a firm
Explanation

Departmental accounting is prepared to ensure that the results of each individual department is known


Correct option: A
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Question 38
A
#1870
B
#1530
C
#1640
D
#1820
Explanation

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


Correct option: D
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Question 39
A
#7200
B
#7460
C
#7500
D
#7660
Explanation

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


Correct option: D
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Question 40
A
It is a norm
B
to ensure new partner also have a stake in the business
C
the firm into which he is entering already has some goodwill in the market
D
to purchase the business
Explanation

Goodwill is being paid by a new partner because the partnership he is entering into already has goodwill in the market as well as to pay for the portion sacrificed by existing partners in form to their profit to admit the new partner.


Correct option: C

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