Accounts - Principles of Accounts Questions
Question 1626:
Which of the following is not a source document for recording sales?
- A Debit note
- B Credit note
- C Receipt
- D Sales journal
- E Invoice
Question 1627:
Use the following information to answer this question <br/>A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods<br/>The mark-up is
- A N15,000
- B N9,000
- C N4,000
- D N3,000
- E N2,000
Question 1628:
Use the following information to answer this question <br/>A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods<br/>The double entry required for the mark-up is debit Branch
- A Sales Account, credit Branch Adjustment Account
- B Adjustment Accoutnt, credit Branch Stock Account
- C Stock Account, credit Branch Adjustment Account
- D Adjustment Account, credit Branch Profit and Loss Account
- E Profit and Lost Account, credit Branch Stock Account
Question 1629:
A ledger is a
- A Book of accounts
- B Summary of entries
- C Book of original entry
- D Double entry posting
- E Record of credit transactions
Question 1630:
A real account is the account of
- A Expenses or losses
- B Gains or income
- C Physical tangible items
- D Fictitious items
- E Current liabilities