Principles of Accounts | Study Mode

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Question 1
A
Debit generator account and credit cash account
B
Debit purchases account and credit cash account
C
Debit cash accounts and credit purchases account
D
Debit cash account and credit generator account
Explanation.

An electronic shop bought generators (for resale and not personal use). this means cash account will be credited because money has gone out of the business for the purchase of generators. And in return, purchase account (stock) will be debited because goods have come into the company in leu of the purchase.


Correct Option:
B
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Question 2
A
N10,000 loss
B
N2,000 loss
C
N6,000 gain
D
N8,000 gain
Explanation.

equipment price = 18000

salvage value after 8 years useful life = 2000

If in 1996 ( 3 years later) it is sold for 8000, hence we have

18000 - 8000 = 10000

This means that, the quiptment was suppose to have been sold for 10,000 instead it was sold for 8,000. this shows a N2000 loss


Correct Option:
B
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Question 3
A
N4 000
B
N5 000
C
N6 000
D
N8 000
Explanation.

No official Explanation yet!


Correct Option:
B
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Question 4
A
FIFO
B
LIFO
C
Simple average
D
Weighted average
Explanation.

No official Explanation yet!


Correct Option:
A
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Question 5
A
understating cost of goods manufactured
B
overstating prime cost of manufactured
C
overstating cost of goods manufactured
D
undersating prime cost of goods manufactured
Explanation.

No official Explanation yet!


Correct Option:
C
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Question 6
A
N16 500
B
N15 000
C
N14 000
D
N12 500
Explanation.

No official Explanation yet!


Correct Option:
B
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Question 7
A
N583
B
N1 000
C
N1 167
D
N1 750
Explanation.

No official Explanation yet!


Correct Option:
B
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Question 8
A
Faruk, (N450); Osawe, (N1 050)
B
Faruk, (N3 150); Osawe, (N7350)
C
Faruk, (2 250); Osawe, (N7 350)
D
Faruk, (N450); Osawe, (N1 050)
Explanation.

No official Explanation yet!


Correct Option:
D
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Question 9
A
i and iv only
B
i and iii only
C
ii and iii only
D
iii and iv only
Explanation.

No official Explanation yet!


Correct Option:
B
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Question 10
A
N125 000
B
N500 000
C
N50 000
D
N25 000
Explanation.

No official Explanation yet!


Correct Option:
C

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