Accounts - Principles of Accounts Questions
Question 91:
Books of original entry are used for
- A Recording business transactions
- B The adjustment of accounts
- C Reminding the book keeping to post transactions in the ledger
- D Informing the bookkeeper about the state of affairs
Question 92:
The term 'posting' in Accounting refers to
- A Recording entries in the journal
- B Transferring the balance in the ledger to the trial balance
- C Tracing amounts from the journal to the ledger to find errors
- D Transferring entries to the ledger from the journal
Question 93:
Erroneous rearrangement of financial figures such as writing N624 as N 264 is called
- A Transposition
- B Principle
- C Commission
- D Omission
Question 94:
Which of the following demonstrates the imprest system?
- A Float → expenses paid → cash in bank → float
- B Float → cash from bank → expenses paid → float
- C Float → expenses paid→ cash from bank → float
- D Float → cash in bank → expenses paid → float
Question 95:
When the sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as
- A Uncredited cheques
- B Dishonoured cheques
- C Direct remittance to the bank
- D Unpresented cheques