ACC102 NOUN TMA Past Questions & Answers 2019

Question
Suppliers's personal accounts are found in the ledger

Answer
Purchases ledger



Question
When there is a difference in the trial balance and it cannot be resolved before the preparation of the final accounts it is taken to….........

Answer
Suspence acct



Question
All the following are asets except

Answer
Acrued Expenses



Question
…......... Is a book of original entry

Answer
Journal proper



Question
All the following are Non-current asets except

Answer
Prepayments



Question
Which of the following is not true about Trial Balance?

Answer
It contains elaborate entries in all accounts in the ledger



Question
Accounting equation that shows the net worth of a business is_

Answer
Capital = Asset - Liabilities



Question
Payment of liabilty will result in .......

Answer
Decrease in both assets and liablities



Question
The owner's equity in a business is called

Answer
Capital



Question
Which of the following is both a ledger and a subsidiary book?

Answer
Cash book



Question
N50,000 taken from cash till and banked is recorded in the cash book as foollows:

Answer
Dr Bank column and Cr Cash column



Question
Purchases in accounting means.

Answer
Goods bought for resale



Question
Which of the following is correct

Answer
Profit increases capital



Question
Calculate the break -even point if Owiya ltd sells its product for N1,000 per unit and having a variable cost per unit of N500, with a fixed cost of N500,000.

Answer
1000



Question
The level at which the contribution is equal to fixed cost is called.

Answer
Break even point



Question
….........is an internal accounting system

Answer
Cost accounting



Question
The sumation of direct materials, direct labour and direct expenses is….........

Answer
Prime cost



Question
An item, process or activity for which a separate measurement of cost is required is called…...

Answer
Cost object



Question
The type of accounting that deals with the gathering of cost information, cost attachment, budgeting and standard costing is…...

Answer
Cost accounting



Question
Which type of error is committed when machinery bought for use in the business is mistakenly debited to the purchases account.

Answer
Error of principle



Question
Suppliers's personal accounts are found in the ledger

Answer
Purchases ledger



Question
When there is a difference in the trial balance and it cannot be resolved before the preparation of the final accounts it is taken to….........

Answer
Suspence acct



Question
All the following are asets except

Answer
Acrued Expenses



Question
…......... Is a book of original entry

Answer
Journal proper



Question
All the following are Non-current asets except

Answer
Prepayments



Question
Which of the following is not true about Trial Balance?

Answer
It contains elaborate entries in all accounts in the ledger



Question
Accounting equation that shows the net worth of a business is_

Answer
Capital = Asset - Liabilities



Question
Payment of liabilty will result in .......

Answer
Decrease in both assets and liablities



Question
The owner's equity in a business is called

Answer
Capital



Question
Which of the following is both a ledger and a subsidiary book?

Answer
Cash book



Question
N50,000 taken from cash till and banked is recorded in the cash book as foollows:

Answer
Dr Bank column and Cr Cash column



Question
Purchases in accounting means.

Answer
Goods bought for resale



Question
Which of the following is correct

Answer
Profit increases capital



Question
Calculate the break -even point if Owiya ltd sells its product for N1,000 per unit and having a variable cost per unit of N500, with a fixed cost of N500,000.

Answer
1000



Question
The level at which the contribution is equal to fixed cost is called.

Answer
Break even point



Question
….........is an internal accounting system

Answer
Cost accounting



Question
The sumation of direct materials, direct labour and direct expenses is….........

Answer
Prime cost



Question
An item, process or activity for which a separate measurement of cost is required is called…...

Answer
Cost object



Question
The type of accounting that deals with the gathering of cost information, cost attachment, budgeting and standard costing is…...

Answer
Cost accounting



Question
Which type of error is committed when machinery bought for use in the business is mistakenly debited to the purchases account.

Answer
Error of principle



Question
Under the entity concept …...... … is different from its owner

Answer
0



Question
The concept which states that in the measurement of profit, costs incurred in generating revenue should be reported together in the period they arise is ….....

Answer
0



Question
The purpose of Accounting is to ….....

Answer
0



Question
The Sales Day Book records goods sold ….........

Answer
0


Question
Mr. Mosirunmuro sold cosmetics and receive cash of N90, 000 on 15th of January 2016. What is the double-entry postings for this transaction?




Question
Aderoju and Sons made a net loss of N 19,267,000 after accumulated expenses of N52,329,000. What was the gross profit amount?

Answer
33062000

Question
The opening and closing balances of Trade Payables for the year 2018 were N6,756,000 and N7,840,000 respectively. If the total payment to creditors from the bank equals N24,310,000 What is the amount of credit purchases?

Answer
25394000

Question
Compute sales turnover if the gross profit is N33,062,000 and cost of sales is N56,539,000.

Answer
22477000

Question
Suppliers' personal accounts are found in the ledger

Answer
Purchases ledger

Question
When there is a difference in the trial balance and it cannot be resolved before the preparation of the final accounts it is taken to….........

Answer
Suspense acct

Question
All the following are assets except

Answer
Accrued Expenses



Question
…......... Is a book of original entry

Answer
Journal proper

Question
All the following are Non-current assets except

Answer
Prepayments

Question
Which of the following is not true about Trial Balance?

Answer
It contains elaborate entries in all accounts in the ledger

Question
Accounting equation that shows the net worth of a business is_

Answer
Capital = Asset - Liabilities


Question
Payment of liability will result in .......

Answer
Decrease in both assets and liabilities

Question
The owner's equity in a business is called

Answer
Capital

Question
Which of the following is both a ledger and a subsidiary book?

Answer
Cash book

Question
N50,000 taken from cash till and banked is recorded in the cash book as foollows:

Answer
Dr Bank column and Cr Cash column


Question
Purchases in accounting means.

Answer
Goods bought for resale

Question
Which of the following is correct

Answer
Profit increases capital


Question
Calculate the break-even point if Owiya ltd sells its product for N1,000 per unit and having a variable cost per unit of N500, with a fixed cost of N500,000.

Answer
1000

Question
The level at which the contribution is equal to fixed cost is called.

Answer
Break-even point

Question
….........is an internal accounting system

Answer
Cost accounting



Question
The sumation of direct materials, direct labour and direct expenses is….........

Answer
Prime cost



Question
An item, process or activity for which a separate measurement of cost is required is called…...

Answer
Cost object

Question
The type of accounting that deals with the gathering of cost information, cost attachment, budgeting and standard costing is…...

Answer
Cost accounting
Question
Which type of error is committed when machinery bought for use in the business is mistakenly debited to the purchases account.

Answer
Error of principle

Question
Suppliers' personal accounts are found in the ledger

Answer
Purchases ledger

Question
When there is a difference in the trial balance and it cannot be resolved before the preparation of the final accounts it is taken to….........

Answer
Suspense acct


Question
All the following are assets except

Answer
Accrued Expenses

Question
…......... Is a book of original entry

Answer
Journal proper

Question
All the following are Non-current assets except

Answer
Prepayments

Question
Which of the following is not true about Trial Balance?

Answer
It contains elaborate entries in all accounts in the ledger

Question
Accounting equation that shows the net worth of a business is_

Answer
Capital = Asset - Liabilities

Question
Payment of liability will result in .......

Answer
Decrease in both assets and liabilities

Question
The owner's equity in a business is called

Answer
Capital

Question
Which of the following is both a ledger and a subsidiary book?

Answer
Cashbook

Question
N50,000 taken from cash till and banked is recorded in the cash book as follows:

Answer
Dr Bank column and Cr Cash column

Question
Purchases in accounting means.

Answer
Goods bought for resale

Question
Which of the following is correct

Answer
Profit increases capital

Question
Calculate the break -even point if Owiya ltd sells its product for N1,000 per unit and having a variable cost per unit of N500, with a fixed cost of N500,000.

Answer
1000

Question
The level at which the contribution is equal to fixed cost is called.

Answer
Break even point



Question
….........is an internal accounting system

Answer
Cost accounting



Question
The sumation of direct materials, direct labour and direct expenses is….........

Answer
Prime cost



Question
An item, process or activity for which a separate measurement of cost is required is called…...

Answer
Cost object



Question
The type of accounting that deals with the gathering of cost information, cost attachment, budgeting and standard costing is…...

Answer
Cost accounting

Question
Which type of error is committed when machinery bought for use in the business is mistakenly debited to the purchases account.

Answer
Error of principle
 
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