Accounts - Principles of Accounts Questions
Question 1296:
The concept of Double Entry Book-Keeping states that
- A If you receive goods on credit the seller becomes your creditor
- B For every debit entry there must be a corresponding credit entry
- C One party receives and another party gives value
- D Purchases and sales are stated separately
- E For every seller there is a buyer
Question 1297:
Outstanding rent of N300 is paid by the proprietor. The effect on the balance sheet is that
- A Both the liability and asset are increased
- B Both the liability and asset are decreased
- C Liability is increased while the asset is decreased
- D Liability is decreased while the asset is increased
- E Both liability and asset remain unchanged
Question 1298:
Which of the following in a classified form contains a permanent record of all transactions? The
- A Sales day book
- B Cash book
- C Ledger
- D Journal
- E Purchases day book
Question 1299:
When a buyer returns damages goods to the seller, the buyer receives a
- A Proforma invoice
- B Credit note
- C Debit note
- D Consiment note
- E Goods return note
Question 1300:
Trade discount is
- A Allowance for prompt payment
- B Allowance for damaged goods
- C Allowance off price list
- D Discount on creditors
- E Discount on debitors