Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
If machine X cost #600,000 with anticipated life span of five years and estimated scrap value of #50,000, using straight line method; depreciation charged for two years will be
A#700,000
B#240,000
C#220,000
D#202,000
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Question 340
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If goods were bought from Tanko at a cost price of #9,000 with a cash discount of 5%, how much will be paid assuming prompt payment was made?
A#4,500
B#8,550
C#9,000
D#9,450
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Question 341
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The major focus of the trading account is to show
Anet profit
Bgross margin
Ctotal purchases
Dtotal sales
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Question 342
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An item credited in the bank statement but yet to be recorded in the firm's cash book is
Which of the following are recorded on the debit side of the cash book
A1 and 11
B1 and 111
C1 and V
D1 and 1V
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Question 344
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A major way by which the headquarters guard against fraud in branches on cash remittance is through the introduction of
Aimprest system only
Bdirect purchase by branch
Cseparate accountant for the branch
Dcredit sales by only the headquarters
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Question 345
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Petty cash book records transactions on
Athe debit side only
Bthe credit side only
Cboth credit and debit sides
Dreversed entry
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Question 346
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The major advantage of an imprest system is that it
Aensures a proper accountability for every expenditure
Btrains the young accountants in preparation for greater responsibilities
Crelieves the cheif cashier of the numerous petty cash payments
Dserves as an analysis column for every expenses
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Question 347
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Given:
If Emeka Enterprises settles its suppliers for goods purchased within 7 days, it can earn a cash discount of 12 and half percent. Assuming #22,800 worth of goods were purchased and settled within 5 days, what will be the amount to be credited in the cash column of the company's cash book?
A#25,650
B#22,800
C#19,950
D#18,240
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Question 348
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The accounting entries to record a cheque issued by a business is to
Adebit cash book and credit drawer
Bcredit cash book and debit drawer
Cdebit cash book and credit suspense account
Dcredit cash book and debit suspense account
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Question 349
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The book of account in which information from the source documents are recorded consists of
