Question 1 of 17 1,757 total questions
The balance the provision for depreciation account is shown in the
A trial balance as a debit
B trial balance as a credit
C balance sheet as a fixed asset
D balance sheet as a long term liability
E balance sheet as a current liability
Discount allowed would appear on the
A debit side of sales control account and the credit side of purchases control account
B debit side of sales ledger control account only
C debit side of purchases ledger control account
D credit side of the sales ledger control account
E credit-side of the purchases ledger control account
The balance in the purchases ledger control account is
A total purchases
B total sales
C the total of the debtors
D the total of the creditors
E the total credit purchases
Which of the following show s the stock at the start of an accounting period?
A appropriation account
B current assets in the balance sheet
C current liabilities in the balance sheet
D tradng account
E profit and loss account
A business marked up its cost by 50%. This would mean a gross profit of
A 33\(\frac{1}{3}\)% on the cost price
B 50% on the selling price
C 66 \(\frac{2}{3}\)% on the selling price
D 66\(\frac{2}{3}\)% on the market price
E 33\(\frac{1}{3}\)% on the selling price
The drawings account of a sole proprietorship is transferred to the
A capital account
B debit side of the trading account
C credit side of the prfit and loss account
D current liabilities in the balance sheet
E current assets in the balance sheet
Which of the following would be posted to the proprietor's capital account?
A gross sales
B gross profit
C net sales
D net profit
E manufacturing profit
A sales for N2,570 was recorded in the day book as N2,750. The error committed was
A compensating error
B error of omission
C error of principle
D error of original entry
E erroe of transportation
A cheque for N400 drawn in favour of Jeje was posted to the credit of his account. The entry necessary to correct the error is
A a debit suspense account N800,credit Jeje's account N800
B debit bank to correct N400, credit Jeje's account N400
C debit suspense account N400, credit Jeje's account N400
D debit Jeje's account N800, credit suspense account N800
E debit Jeje's account N400, credit suspense account N400
Which of the following accounts belongs to the private ledger?
A drawing accounts
B premises account
C machinery account
D depreciation account
E V. Okafor's account
Which of the following accounts belongs to the personal ledger?
A purchases account
B capital account
C machinery account
D depreciation account
E rent and rentals
Which of the following may have been recorded in the cash book and fail to appear in the Bank statement?
A bank charges and commission
B cheques issued, presented and cashed
C bank lodgements
D payments made by the bank on a tanding order
E opening bank overdraft
The petty cash book can have
A a debit balance only
B a credit balance only
C both debit and credit balances
D a debit or nil balance
E a nill balance only
The sales account is written up from
A cash sales to customers only
B credit sales to customers only
C credit sales less cash sales
D cash sales less cash discounts
E both credit and cash sales
When goods are sold for cash the credit entry goes to the
A trader's account
B cash book
C purchases account
D sales account
E customers account
T. Trader sets aside from his private funds n1,500 for business purposes. The N1.500 would be referred to as
A capital
B loan
C reserve
D drawings
E profit
The bank column in the cash book shows a credit balance of N180. This means
A a total payment of N180
B a gross receipt of N180
C a left over of N180 in the bank
D an overdraft of N180
E a left over of N180 cash
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