Accounts - Principles of Accounts Past Questions and Answers

Which of the following will not affect the agreement of the rial balance? i. compensating error ii. debiting an item instead of crediting it iii. making only a single entry

A I
B Ii
C Iii
D Ii and iii
E I, ii ans iii

Question 1347:

A balance of N102 on waged account was transferred as N120. This is error of

A Transposition
B Omission
C Principle
D Original entry
E Compensation

Question 1348:

Carriage inwards is shown on the

A Debit side of the profit and loss account
B Credit side of the trading account
C Debit side of the trading account
D Credit side of the profi and loss account
E Debit side of the cash book

Question 1349:

Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. Find the cost of goods sold

A N3,186
B N2,866
C N2,255
D N2,175
E N1,935

Question 1350:

Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. The value of goods available for sale will be

A 3,186
B N2,255
C N2,175
D N2,055
E N1,935