The purchase of a typewriter for office use was debited to purchases Account. This is an error of A original entry B commission C principle D omission Answer is C
Which of the following is a real account item? A goodwill B fixtures C debtors D interest Answer is B
Which of the following transactions is posted to the nominal ledger? A discounts alloed to customers B cash paid by a customer C purchase of fixed asset for cash D cash paid to suppliers Answer is A
Which of the following is not a source document? A cheque stub B cash receipt C cash receipt D cas book Answer is A
Which of the following items is found in the credit column of the trial balance? A provision for doubtful debts B bad debts written off C carriage inwards D carriage outwards Answer is A
Debtors value as at 1st January 2000 was N40,000. Bad debts written off during the year was N5,000 provision for bad debt was 5%. The amount debited to profit and loss account as provision for the year was A N5,000 …
Which of the following errors would affect the agreement of the agreement of the trial balance totals? A commission B omission C single entry D original entry Answer is C
A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001. The net book value at the time of sale was A N33,000 B …
A fixed asset was bought for N60,000 on 1st January, 1997. Depreciation was provided at 10% on cost. It was bought for N16,000 on 30th June, 2001.The profit or loss on sale was A ₦17,000 profit B ₦17,000 loss C …
In which ledger is the account of yao, a debtor found? A norminal ledger B purchases ledger C general ledger D sales ledger Answer is D
In which of the following is purchase of fixed assets on credit first recorders? A purchases journal B journal proper C cash book D general ledger Answer is B
The opening balance of debtors is N100,000 and that of provision for doubtful debts is N1,000. If provision is to at 1/2 % of debtors, how much would be charged in the profit and loss account? A ₦3,500 B ₦2,500 …