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====== ACC204 ====== 1. An error which occurs when an entry is made to the wrong account of a different class, a norminal account is debited to a real account is an error of: —>> Principle Compensation Read more
[ACC204] The owner of a business invests cash of N250,000 into his business, the usual postings in the ledger would be to debit Cash Account with N100,000 and credit Capital Account with N100,000 Debit Cash Account with N250,000 and credit Read more
FBQ41: The amount of fictitious value placed on a company’s reputation is called ——————————. Answer: *Goodwill* FBQ42: The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses is called ………………… Answer: *Carrying Amount* Read more
FBQ21: A supplementary record used to provide detailed information for control account in the general ledger is known as _____________________ ledger. Answer: *Subsidiary ledger* FBQ22: __________________ is an item that is normally posted to the credit side of the purchases Read more
Fill in the Blank Questions (FBQs): FBQ1: The two main financial statements drawn up by a sole trader are comprehensive income statement and _______________________ Answer: *Statement of financial position* FBQ2: __________________ is a form of accounting information needed for the Read more
MCQ1: What effect would purchase of goods for credit have on the assets, liability and capital of a business? Answer: Increase Assets, decrease Liability and no effect on Capital MCQ2: Which of the following are the effects of matching concept? Read more
Which of the following is NOT an iterm of trial balance a. Bank b. Prepayment c. Insurance d. Stocks >>>>>>>>>> An amount of money paid by an entity in an Accounting period for which the benefits are expected to derive Read more
ACC204 The amount incurred by an entity for the purpose of earning revenue is known as (a) credit sales (b) expenses xxxx (c) cash pay (d) revenue The method that applies a simple average of the unit costs/prices to Read more
The Unsold portion of goods held for resale are generally referred to as Answer a. assets b. inventories xxxx c. stock d. goods in store Such inventory approach that maintains records on a continuous basis whenever there is a Read more
ACC204 Question: What is an error of commission? Answer: An error where one side of a transaction has been recorded in the wrong account, and that account is of the same class as the correct account Question: Which one of Read more