Accounts - Principles of Accounts Past QuestionsQuestion 121:Share premium can be used to? i. write off discount on shares ii. give loans to directors iii.pay dividends iv. pay company's formation expenses. A. I and iv only B. I and iii only C. Ii and iii only D. Iii and iv only Question 122:Alabede (NIG) limited issued 50 000 ordinary shares of N1 each at a market value of N2.50 each. the share premium is? A. N125 000 B. N500 000 C. N50 000 D. N25 000 Question 123:What is the balance of the bank account shown above? A. N88 500 debit B. N 88 500 credit C. N 59 410 credit D. N 59 410 debit Question 124:In analyzing incomplete records, which of the following should be investigated? A. The general ledger B. The purchases day book and sales day book C. The nature of trading activities and the basis on which goods are sold D. The asset register together with the depreciation schedule Question 125:Given: N Direct material - 10 000 Direct labour - 5000 Direct expenses - 2000 Factory overhead - 4000 What is the prime cost? A. N21 000 B. N 17 000 C. N 15 000 D. N 6 000 |
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