Principles of Accounts 2015 | Study Mode

Join Discuss Share to WhatsApp
Question 1
A
adds or contributes to the operating income of the business
B
necessitates the introduction of additional capital
C
reduces the capital of the business
D
adds to or improves the value of fixed assets
Explanation.
This is a very correct option to the question asked. Preliminary or preoperative expenses is a good example. They are expended and have a very great contribution to the income generated.

Correct Option:
A
Join Discuss Share to WhatsApp
Question 2
A
contra entry
B
single entry
C
journal entry
D
memorandum entry
Explanation.
A memorandum entry is not a complete journal entry because it does not contain debit and credit amounts e.g. stock split which does not affect the common stock account.

Correct Option:
D
Join Discuss Share to WhatsApp
Question 3
A
N16,000
B
N17,000
C
N13,000
D
N14,000
Explanation.

No official Explanation yet!


Correct Option:
B
Join Discuss Share to WhatsApp
Question 4
A
Market price
B
Average method
C
FIFO
D
Standard price
Explanation.
An average method which accommodate all the prices and then divide (inform of mean) is well acceptable in either of the two situation.

Correct Option:
B
Join Discuss Share to WhatsApp
Question 5
A
5 : 1
B
6 : 1
C
6 : 1 : 1
D
4 : 1
Explanation.
given that acid test ratio is:

\(\frac {\text{Current assets stock}}{\text{Current liabilities}}\)

Current assets:\(\frac {\text{stock + Debtors + bank stock}}{\text{Current liabilities}}\)

\(\frac{11250 + 18750 + 4000 11250}{3750}\)

= 34000 11250 = 22750 = 6:1:1

Correct Option:
C
Join Discuss Share to WhatsApp
Question 6
A
N699, 000
B
N641, 000
C
N402, 000
D
N605, 000
Explanation.
Total asset less current liabilities

400000 + 205000 + 150,000 + 32000 85000 3000 = 699000

Correct Option:
A
Join Discuss Share to WhatsApp
Question 7
A
20,000
B
18,000
C
15,000
D
12,000
Explanation.
Allotment = 500,000 = 0.4 or 40%

Each subscriber would get 40% shares of what they applied for.

50,000 x 0.4 = 20,000 units

Correct Option:
A
Join Discuss Share to WhatsApp
Question 8
A
N19, 800
B
N49, 500
C
N48, 000
D
N29, 700
Explanation.

No official Explanation yet!


Correct Option:
D
Join Discuss Share to WhatsApp
Question 9
A
drawing A/C
B
capital A/C
C
Creditor A/C
D
Appropriation A/C
Explanation.

No official Explanation yet!


Correct Option:
D
Join Discuss Share to WhatsApp
Question 10
A
114 days
B
68 days
C
37 days
D
41 days
Explanation.

No official Explanation yet!


Correct Option:
A

Try this quiz in in E-test/CBT Mode
switch to Principles of Accounts 2015 in CBT Mode

Next Page
Question Map
Quiz link
Share Principles of Accounts 2015 with your audience
Share to WhatsApp CBT mode Study mode copy link
​​​Help keep QUIZZERWEB running! 
A donation makes a contribution towards the costs, the time and effort that's going on in building and improving this platform.
 
Donate
​​​sponsored
Are you a writer, proof-reader, interpreter, teacher, student or just someone who works in Yorùbá Language? 
 
Translate those figures and numbers to words in standard Yoruba Language at YorubaNumeral.com.ng at no cost. 
 
It also aids learning the yoruba numbering system by providing detailed explanation for each number translated up to 25 billion. 
 
English to Yorùbá Numeral Translator