NOUN TMA Questions & Solutions: ACC757 - Principles Of Accounting

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Richtubor
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NOUN TMA Questions & Solutions: ACC757 - Principles Of Accounting

Postby Richtubor » Sat Apr 25, 2020 5:44 am

NOUN TMA Questions & Solutions: ACC757 - Principles Of Accounting



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1 When the holder of the bill endorses the bill to a third party, the bill is said to be _______.

endorsed

2 The holder of a bill can deal with it in the following ways except:

may endorse it in favour of his own debtor

3 The period for a bill can be called:

tenor

4 A bill payable is:

a liability

5 These are the features of a promissory note except:

it is made by the creditor

6 A bill of exchange has the following features except:

the order must be conditional

7 Parties to a bill of exchange are as follows except:

a person who negotiates the bill

8 Statement of comprehensive income and financial position in private businesses are prepared on

accrual basis

9 Receipts and payments account does the following except:

shows all payments made

10 _______ is shown as an expense in the income and expenditure account of a non-trading organisation.

honorarium

11 Legacies, in non-trading organisations, happens:

once in a while

12 Peculiar items in accounts of non-trading organisations excludes which of the following?

subscriptions

13 Voluntary contributions from various sources received by charitable institutions are known as
______.


donations

14 In non-trading organisations, _______ refers to the annual charges paid journals or for the
membership of some organisations.

subscription

15 The excess of assets over liabilities in the statement of financial position of a non-trading organisation
is called _______.

general fund

16 Relative to a cooperative society, the excess of income over expenditure is called ______.

surplus

17 The final accounts of a non-trading organisation consists of these except:

Profit and Loss Account

18 Which of the following books is not kept by a non-trading organisation?

purchases book

19 One main objective of keeping records in the non-trading organisation is:

to meet the statutory reuirement

20 The non-trading organisations include the following except:

One-man business




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Richtubor
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Re: NOUN TMA Questions & Solutions: ACC757 - Principles Of Accounting

Postby Richtubor » Sat Apr 25, 2020 5:46 am

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Whatsapp: 08155572788


21 One of these is excluded from conversion cost when calculating the cost of goods produced?

staff salaries

22 The combination of direct materials and direct labour expenses will result in

Prime cost

23 One of the following is not a necessary account that should be prepared in the books of the lessee
where there is sub-lease.

Short Working Receivable account

24 Royalties in respect of lease is called

royalties payable

25 Which of these is excluded from types of royalties?

mineral royalty

26 In relation to the consignment account, the amount of profit which is added to the cost in order to
arrive at the invoice price is called ______.

loading

27 A loss which is due to the inherent nature of the goods consigned is known as

normal loss

28 In repect of valuation of unsold stock in the consignment account, which of these expenses are usually
not added for the calculation of closing stock?

warehouse rent

29 The relationship between the consignor and the consignee is that of

principal and agent

30 Which of the following does commission account belongs?

nominal account

31 _______ is the main account in consignee's ledger which is prepared for working out the amount due
to the consignor.

Consignor's personal account

32 In relation to the books of the consignee, if the consignee does not get del credre commission, all bad
debts are to be borne by the _______.

consignor

33 One of these is not a feature of a promissory note.

it is made by the creditor

34 In the income and expenditure account of a non-trading organisation, which of these is shown as an
expense?

honorarium

35 _______ refers to voluntary contributions from various sources that are received by charitable
institutions.

donations

36 One of these is not a non-trading organisation.

one-man business

37 Which of these is not included in conversion cost?

salaries

38 An inducement offered by creditors to debtors to pay promptly is referred to as:

cash discount

39 Which of the following describes prepaid income?

liability

40 Any expenses that is due for payment but which remains unpaid is referred to as:

Accrued expenses





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Richtubor
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Re: NOUN TMA Questions & Solutions: ACC757 - Principles Of Accounting

Postby Richtubor » Sat Apr 25, 2020 5:48 am

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41 Bad debts are to be borne by the consignee when he is entitled to a _________.

del credre commission

42 All transactions related to consignment are first recorded in the _______.

journal

43 In relation to a consignment, one of these is not an example of recurring expenses incurred by the
consignee.

advertising

44 The term used for consignee's remuneration is called

commission

45 The relationship between the consignor and the consignee is that of :

principal and agent

46 Which of these statements about consignment is wrong?

Goods are fowarded by the consignor to the consignee with the objective of sale at a discount

47 A consignment is said to be "outward" for

the person who sends the goods

48 When goods are sent by a manufacturer or a trader to an agent to be sold by him on commission
basis and at the risk and account of the former, they are said to be sent on ______.

consignment

49 The account for the joint venture business can be kept:

In four ways

50 Broadly speaking, account of a joint venture business can be kept in any one of the following except:

normal joint venture account

51 Which of these statements is wrong in respect of a joint venture?

Number of co-ventures is usually three

52 Which of these statements is wrong about a consignment?

The funds are provided by the consignee

53 The main advantages of a joint venture are the following except:

expert knowledge

54 When a bill is drawn and no debt is involved, it is called _______.

accommodation bill

55 When two or more persons join together to carry out a specific business and share the profit on an
agreed basis, it is called a ______.

joint venture

56 What is the basic objective of preparing the consignment account?

To ascertain the profit or loss on each consignment

57 Which of the following is used to record all bills accepted and payable by a firm?

bill payable journal

58 Normally, a bill is drawn for some ________.

debt

59 In relation to a bill of exchange, when the drawee is in a position to see that he would not be able to
honour the bill on the due date, he can reuest the drawer for extension of time. Where the drawer agrees
to such a reuestand the old bill is treated as dishonoured and a new bill is drawn in lieu thereof, this
process is called _______.

renewal of bill

60 Interest for unexpired period in relation to a bill of exchange is known as ________.

rebate






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Richtubor
Posts: 783
Joined: Mon Aug 21, 2017 8:24 pm
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Re: NOUN TMA Questions & Solutions: ACC757 - Principles Of Accounting

Postby Richtubor » Sat Apr 25, 2020 5:49 am

Email: Solutions2tma@gmail.com
Whatsapp: 08155572788



61 Certain goods which are still in the process of manufacture at the end of the year is known as
_______.

badly-finished goods

62 Which of the following is excluded from the conversion cost?

repairs to plant and machinery

63 Waste materials coming out from the manafacturing process is known as _______.

waste

64 The cost of goods produced by a manufacturing concern includes two major costs: cost of raw
materials consumed and _____.

cost of labour

65 Direct materials plus direct labour expenses is known as _______.

manufacturing cost

66 This can be excluded from the factory overhead expenses:

royalties

67 These are production or manufacturing cost except:

cleaners wages

68 Direct expenses can be the following except:

Cost of chemical materials differing from direct raw materials

69 To compute the cost of raw materials consumed in the production process, the following items need to
be considered except:

purchase of raw materials

70 _____ is the cost of raw materials that can be traced directly to the goods manufactured.

Direct materials

71 Relative to the manufacturing account, these are components of the prime cost except:

discount expenses

72 Any payment which has been paid (in advance) but the benefit of the payment has not been enjoyed
is known as _____.

accrual

73 _____ is an inducement offered by a creditor to debtors to pay promptly.

Trade discount

74 If a debtor is declared insolvent or bankrupt, and the debt becomes irrecoverable, then such a debt is
referred to as ______.

partially bad

75 The prepaid income is:

a profit

76 If a building is let out on monthly basis and after the last day of the month the rent due is not yet
received, the rent receivable will be classified as _______.

rent income

77 _________ refers to any expenses that is due for payment but which remains unpaid.

Income

78 Statement of comprehensive income and financial position are referred to as

balance sheets

79 ______ is eual to closing capital add drawing and less opening balance.

Profit

80 What is the implication of an incomplete record?

profit is merely shown






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