Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 36:

Given N - Net Profit ₦25,000, Cost of sales ₦25,000, Sales ₦85,000. Determine the total expenses.

A. ₦45,000
B. ₦35,000
C. ₦25,000
D. ₦15,000

Question 37:

The objective of a trading account is to establish the ____

A. Cost of goods sold
B. Gross profit
C. Manufacturing profit
D. Net profit

Question 38:

The process of allocating the cost of an intangible asset over its useful life is known as ____

A. Depreciation
B. Extraction
C. Depletion
D. Amortization.

Question 39:

The profit of a sole trader increases his _____

A. Stock
B. Asset
C. Liability
D. Capital

Question 40:

The recording of wages due but not yet paid is an example of, an adjustment for ____

A. Apportionment of revenue between two periods
B. Recognizing accrued expenses
C. Recognizing unaccounted revenue
D. Recognizing prepaid expenses.