Accounts - Principles of Accounts Questions
Question 136:
Responsibility accounting is particularly concerned with?
- A Histoical accounting
- B Controllable costs
- C Storekeeping
- D Valuation of stock
Question 137:
An advantage of the use of the voucher system is that it?
- A Reduces the number of cheques that will be writen during any given period
- B Provides a highly flexible system for handling unusual transactions
- C Provides a comprehensive record of business done with particular suppliers
- D Ensure that every expenditure is reviewed and verified before payment is made
Question 138:
A business transaction is recorded in the books of account when the?
- A Owner of the business invests his N10,000 in another company
- B Business retains part of ofits profits for future expansion purposes
- C Business invest applies for overdraft facilities from its bankers
- D Owner of the business collects N5,000 from the accountant
Question 139:
When a transaction causes an assets account to increase, there is?
- A A decrease of equal amount inthe owner's equity account
- B An increase in a liability account
- C An increase of equal amonut in another assets account
- D A decrease of equal amount in a liability account
Question 140:
N<br/>Bank account 59,410<br/>Capital account 50,000<br/>Purchase account 20,000<br/>Rent 2,500<br/>Stationery 90<br/>typewriter 6,500<br/>Sales 38,000<br/>In preparing a trial from the list of balances given above, what is the total in debit and credit columns?
- A N147,910
- B N138,500
- C N88,500
- D N85,800