Accounts - Principles of Accounts Questions
Question 1491:
Gavon. Ltd. failed to record N2,000 wages. The error committed is that of
- A Omission
- B Commission
- C Principle
- D Compensation
- E Original entry
Question 1492:
The excess of current assets over current liabilities is
- A Authorised capital
- B Norminal capital
- C Issed capital
- D Owners capital
- E Working capital
Question 1493:
Carriage inwards are
- A Credited to the trading account
- B Debited to the trading account
- C Credited to the profit account
- D Debited o the profit and loss account
- E Debited to the profit and loss appropriation account
Question 1494:
Which of the following accounts is not kept by a local government?
- A Departmental votes revenue account
- B Departmental votes expenditure account
- C Deposit account
- D Advances account
- E Profit and loss account
Question 1495:
Use the following information to answer the given question <br/>\(\begin{array}{c|c} \text{Rent paid 31/12/89} & N4,000\\ \text{Rent owing 1/1/89} & N500 \\ \text{Rent owing 31/12/89} & N300\end{array}\)<br/>Rent for 1989 amounts to
- A N4,500
- B N4,300
- C N4,000
- D N3,800
- E N3,500