Accounts - Principles of Accounts Questions
Question 1556:
Carriage outwards is charged to the
- A Debit side of profit and loss account
- B Credit side of profit and loss account
- C Credit side of trading account
- D Debit side of profit and loss Appropritation account
- E Debit side of Balance under current liabilities
Question 1557:
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 1558:
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 1559:
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 1560:
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