Principles of Accounts 2015 | Study Mode

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Question 11
A
expenses which can be identified with an allocated to cost centers
B
aggregate direct material cost, direct labour cost and variable direct expenses
C
the cost taken into account in the production process whether direct or indirect
D
the cost of commodities supply to an undertaking
Explanation

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Correct option: B
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Question 12
A
Materiality
B
Accrual
C
Going concern
D
Business entity
Explanation
Materiality states that only items of material values are recorded e.g. the cost of a stapler should not be capitalized but expensed just as kitchen cutlery.

Correct option: A
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Question 13
A
2 : 3
B
3 : 2
C
6 : 5
D
5 : 6
Explanation

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Correct option: A
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Question 14
A
debit note
B
cheque
C
credit note
D
payment voucher
Explanation

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Correct option: C
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Question 15
A
260 units at N1.50
B
700 units at N1.50
C
200 units at N1.50 and 500 units at N1.00
D
350 units at N1.50 and 350 units at N1.00
Explanation
given that a maximum of 260 units can be taken from the last receipt, the balance of 440 units (700-260) would be issued at N 1.00 which would be taken from the first materials received (100 units)

Correct option: A
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Question 16
A
N9, N1740; N120
B
N90, N990
C
N90, N870; N120
D
N80, N750
Explanation

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Correct option: C
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Question 17
A
cash, credit sales
B
sales, credit cash
C
bank, credit cash
D
bank, credit sales
Explanation

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Correct option: D
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Question 18
A
unpresented cheques
B
uncredited cheques
C
statement of account
D
aggregate balanace as per cash book
Explanation
dishonoured cheques are added to uncredited cheques just like standing order and bank charges.

Correct option: B
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Question 19
A
discount allowed
B
return inwards
C
credit sales
D
cash from debtors
Explanation

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Correct option: C
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Question 20
A
fixed assets + current assets - liabilities = capital
B
fixed assests + current assests + liabilities = capital
C
fixed assets liabilities + current assets = capital
D
fixed asset + current asset capital = liabilities
Explanation

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Correct option: B

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