Principles of Accounts 2015 | Study Mode

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Question 31
A
equally
B
in accordance with an established
C
in proportion of current account balances
D
in proportion of weighted average of capital
Explanation
profit or loss are expected to be share equally in the absence of any agreement

Correct option: A
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Question 32
A
N1, 500
B
N3, 000
C
N1, 800
D
N2, 000
Explanation

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Correct option: C
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Question 33
A
error of principle
B
error of commission
C
error of original entry
D
compensating error
Explanation
This type of error deals directly with the wrong use of figures

Correct option: C
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Question 34
A
27,150
B
43,350
C
16,200
D
34,350
Explanation

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Correct option: A
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Question 35
A
Quality in terms of records
B
Simplicity in terms of operation
C
Accuracy in terms of operation
D
Completeness in terms of records
Explanation

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Correct option: B
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Question 36
A
depreciated on straight line method
B
expensed in the year of purchase
C
charged to federation account
D
depreciated on reducing balance method
Explanation
In government account, assets are written off in their year of purchase.

Correct option: B
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Question 37
A
sales account
B
delivery van account
C
cash account
D
profit and loss accounts
Explanation
Cash is received and expected to be debited going by the principles of double entry.

Correct option: C
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Question 38
A
A premium
B
Normal value
C
A discount
D
A profit
Explanation

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Correct option: A
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Question 39
A
N52,000
B
N51,000
C
N55,000
D
N50,000
Explanation
Total purchases = credit purchases plus cash purchases i.e. N52000 + N3000 = N55,000

Correct option: C
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Question 40
A
interest charges
B
depreciation
C
directors emoluments
D
dividends
Explanation

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Correct option: D

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