Accounts - Principles of Accounts Questions
Question 1516:
Where a proprietor withdraws cash from bank for office use, the entries would be
- A Credit cash account, debit bank account
- B Debit cash account, credit bank account
- C Debit officer account, credit bank account
- D Debit drawings account, credit bank account
- E Debit bank account, credit drawings account
Question 1517:
A debit cash balance of N26,900 was brought down as N24,300. The entries necessary to correct the error are
- A Debit cash account N5,200, credit suspense account N5,200
- B Credit cash account N5,200, debit suspense account N5,200
- C Debit cash account N2,600, credit suspense account N2,600
- D Credit cash account N2,600, debit suspense account N2,600
- E Credit cash account N2,600, debit bank account N2,600
Question 1518:
When a buyer is undercharged, the seller forwards
- A Undercast note
- B Consignment invoice
- C Purchases in voice
- D Debit note
- E Credit note
Question 1519:
Cash discount is given for
- A Buying in large quantity
- B Prompt settlement of account
- C Being a regular customer
- D Introducing other customers
- E Sales returns
Question 1520:
Where there is no partnership agreement, any contribution in excess of the agree capital attracts
- A No interest at all
- B Interest at the rate of 2\(\frac{1}{2}\)% per annum
- C Interest at the rate 5% per anuum
- D Interest at all
- E Interest at the per annum