Accounts - Principles of Accounts Questions
Question 1286:
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
Question 1287:
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
Question 1288:
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
Question 1289:
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
Question 1290:
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