Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 66:

The manufacturing account is prepared to determine the cost of ____

A. Trading
B. Production
C. Factory overhead
D. Raw materials used

Question 67:

Subscription in arrears are ___

A. Credited to the income and expenditure account and shown as a liability in the balance sheet
B. Debited to the income and expenditure account and shown as an asset in the balance sheet
C. Credited to the income and expenditure account and shown as an asset in the balance sheet
D. Debited to the income and expenditure account and shown as a liability in the balance sheet.

Question 68:

Where a non-profit organization prepares the accounts using accruals basis of reporting, the statement showing how well the organization is doing is the

A. Appropriation account
B. Balance sheet
C. Income and expenditure account.
D. Receipt and payment account.

Question 69:

Departmental accounts are maintained to ascertain the ____

A. Profits of the entire organization
B. Contribution of each department
C. Expenses of each department
D. Sales of each department.

Question 70:

The gross profit disclosed in the branch stock adjustment account represents ____

A. Head office profit
B. Unrealized profit
C. Estimated profit
D. Branch profit