Accounts - Principles of Accounts Questions
Question 1376:
Which of the following is related to debtors account?
- A Purchases ledger
- B General ledger
- C Norminal lesger
- D Sales ledger
- E Private ledger
Question 1377:
The price paid for the purchase of for the purchase of a business is
- A Debited to the cash account and credited to the vendor's account
- B Credited to the cash account and debited to the vendor's account
- C Credited to the business purchases account and debited to the assets account
- D Debited to the business purchase account and credited to the assets account
- E Credited to the cash account and debited to the assets account
Question 1378:
Depreciation is
- A A charge for the wear and tear of a fixed asset
- B The cost of replacing a fixed asset
- C The loss incurred on the sale of a fixed asset
- D The cost of repairs incurred on a fixed asset
- E The increase in value of a fixed asset
Question 1379:
Where there is provision for depreciation account, fixed assets must be shown in the Balance Sheet at the i. written down values ii. historical costs less depreciation for a period only iii. historical costs less total depreciation to date
- A I
- B Ii
- C Iii
- D I and ii
- E I and iii
Question 1380:
N100 received from Laifat was entered on the payments side of the cash book with the double entry completed in her account. The correcting journal entries are
- A Debit Latifat's account, credit cash book with N100
- B Credit Latifat's account, debit cash book with N100
- C Credit Latifa's account, debit cash book with N200
- D Debit Latifat's account, credit cash book with N200
- E Credit Latifat's account, debit Suspense account with N200