Accounts - Principles of Accounts Questions
Question 1611:
To correct an error, the purchases account was debited while Suspense account was credited. Which of the following was the cause of the error?
- A Undercasting of purchase
- B Overcasting of purchases
- C Original entry
- D Transportation of returns outwards
- E Omission of creditor's balance
Question 1612:
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
- A Current asset
- B Fixed asset
- C Current liability
- D Accumulated fund
- E Goodwill
Question 1613:
A sales day book is used to record
- A Cash sales of stock
- B Credit sales of stock
- C Cash and credit sales of stock
- D Cash sales of fixed assets
- E Credit sales of fixed assets
Question 1614:
Which of the following is not a capital expenditure to a local government?
- A Beds
- B Theatre equipment
- C Incubators
- D X-ray machine
- E Drugs
Question 1615:
A Receipt and Payments Account reveals
- A Net profit
- B Surplus
- C Cash in hand
- D Gross profit
- E Net loss