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5Points Quiz

An increase in inventories of N500 and a decrease in the bank balance of N600 and an increase in payables of N1,400 results in:

        A.   A decrease in working capital of N1,500

        B.   An increase in working capital of N1,500

        C.   A decrease in working capital of N1,300

        D.  An increase in working capital of N1,300

Answer: A

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On 1 June year 1, H paid an insurance invoice of N2,400 for the year to 31 May year 2. What is the charge to the income statement and the entry in the financial statement for the year ended 31 December year 1?

        A.   N1,000 income statement and prepayment of N1,400.

        B.   N1,400 income statement and accrual of N1,000.

        C.   N1,400 income statement and prepayment of N1,000.

        D.   N2,400 income statement and no entry in the statement of financial position.

Answer: C

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The profit of a business may be calculated by using which one of the following formulae?

        A.   Opening capital - drawings + capital introduced - closing capital

        B.  Closing capital + drawings - capital introduced - opening capital

        C.   Opening capital + drawings - capital introduced - closing capital

        D.   D. Closing capital - drawings + capital introduced - opening capital

Answer: C

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H began trading on 1 July. The company is now preparing its accounts for the accounting year ended 30 June year 1. Rent is charged for the year from 1 April to 31 March, and was N1,800 for the year ended 31 March year 1 and N2,000 for the year ended 31 March year 2. Rent is payable quarterly in advance, plus any arrears, on 1 March, 1 June, 1 September and 1 December.The charge to H �??S income statement for rent for the year ended 30 June year 2 is

        A.   1,650

        B.   1,700

        C.   1,850

        D.   1,900

Answer: B

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S purchased equipment for 80,000 on 1 July year 1. The company's accounting year end is 31 December. It is S's policy to charge a full year's depreciation in the year of purchase. S depreciates its equipment on the reducing balance basis at 25% per annum.What is the net book value of the equipment at 31 December year 4?

        A.  Nil

        B.   25,312

        C.   29,531

        D.   33,750

Answer: B

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SSG bought a machine for N40,000 in January year 1. The machine had an expected useful life of six years and an expected residual value of N10,000. The machine was depreciated on the straight-line basis where a full year's charge in made in the year of purchase and none in the year of sale. In December year 4, the machine was sold for N15,000. The company has a policy in its internal accounts of combining the depreciation charge with the profit or loss on disposal of assets. Its year end is 31 December.What is the total amount of profit/loss charged to the income statement over the life of the machine?

        A.   A. 15,000

        B.  20,000

        C.  25,000

        D.  30,000

Answer: C

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N purchased a machine for N15,000. The transportation costs were N1,500 and installation costs were N750. The machine broke down at the end of the first month in use and cost N400 to repair. N depreciates machinery at 10% each year on cost, assuming no residual value.What is the net book value of the machine after one year?

        A.   13,500

        B.   14,850

        C.   15,525

        D.   15,885

Answer: C

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A company bought a machine on 1 October year 1 for N52,000. The machine had an expected life of eight years and an estimated residual value of N4,000. On 31 March year 6, the machine was sold for N35,000. The company�??s yearend is 31 December. The company uses the straight-line method for depreciation and it charges a full year�??s depreciation in the year of purchase and none in the year of sale. What is the profit or loss on disposal of the machine?

        A.  Loss 13,000

        B.  Profit 7,000

        C.  Profit 10,000

        D.  Profit 13,000

Answer: D

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A car was purchased for N12,000 on 1 April in year 1 and has been depreciated at 20% each year straight line, assuming no residual value. The company policy is to charge a full year's depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August in year 4 for an agreed figure of N5,000. What was the profit or loss on the disposal of the vehicle in year 4?

        A.   N200

        B.   N250

        C.   N205

        D.   N203

Answer: A

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How to login to NOUN Elearn Portal

  • Admin
  • 25 Feb, 2022 12:12:45

You can now use you matric number to login as your username and  password in a lowercase.

https://elearn.nouedu2.net/login/

Note that you are to change your passw...

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