Accounts - Principles of Accounts Questions
Question 1641:
Which of the following best described the path of a transaction?
- A Source documents to Journal to Ledger
- B Source documents to Ledger to Journal
- C Journal to Ledger to source documents
- D Journal to source documents to Ledger
- E Ledger to Joural to source documents
Question 1642:
Where there are no proper books of account , the capital at the commencement of a period is ascertained by preparing
- A Total Debtors and Creditors Accounts
- B Bank Reconciliation Statement
- C Statement of Affairs
- D Trading, Profit and Loss Accounts
- E Balance Sheet
Question 1643:
Rent receivable is a
- A Current asset
- B Current liability
- C Contingent liability
- D Ficititous asset
- E Provision
Question 1644:
Which of the following is a factory overhead?
- A Carriage on raw materials
- B Purchase of raw materials
- C Production wages
- D Direct expenses
- E Depreciation of factory equipment
Question 1645:
Use the following information to answer this question<br/>A business whose assets consisted of stock N15,000 and debtors N8,000 was bought by issuing 20,000 ordinary shares of N1 each at a premium of 20 percent.<br/>The purchase consideration was
- A N24,000
- B N23,000
- C N20,000
- D N15,000
- E N8,000