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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 1541:
Drawing appear on the
  • A Debit side of the profit and loss account
  • B Credit side of te profit and loss account
  • C Debit side of the appropriation account
  • D Debit side of the current account
  • E Credit side of the appropriation account
View Answer & Explanation
Question 1542:
Sale of goods for N500 to Eddy was not posted. This is an error of
  • A Omission
  • B Compensation
  • C Commission
  • D Principle
  • E Ordinary entry
View Answer & Explanation
Question 1543:
Purchase of goods for N1,000 from chukwu had been entered in Cukwura's account. This is an error of
  • A Omission
  • B Compensation
  • C Commission
  • D Principle
  • E Original entry
View Answer & Explanation
Question 1544:
A typewriter for office use sold for N5,000 was posted to sales account. This is an error of a
  • A Omission
  • B Compensation
  • C Commission
  • D Principle
  • E Original entry
View Answer & Explanation
Question 1545:
Goods purchased for N92 was entered in the books as N29. This is an error of
  • A Compensation
  • B Omission
  • C Commission
  • D Principle
  • E Original entry
View Answer & Explanation