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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 1716:
Profit expressed as a proportion of cost price is
  • A Gross profit
  • B Mark-up
  • C Margin
  • D Profit percentage
View Answer & Explanation
Question 1717:
Which of the following will not make a trial balance total to agree?
  • A Incomplete posting in the ledger accounts
  • B Double entry for each transaction
  • C Omission of a trabsaction from the ledger
  • D Wrong entry of correct amount into different groups of accounts
View Answer & Explanation
Question 1718:
Deferred charges are also known as
  • A Prepayment
  • B Accrued expenses
  • C Accruals
  • D Deferred income
View Answer & Explanation
Question 1719:
The vote book in governmental accounting is used to
  • A Register the name of voters
  • B Control expenditure
  • C Record government revenue
  • D Record taxes paid
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Question 1720:
Use the following information to answer the <br/>\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)<br/>The cash in hand on 31st July is
  • A N2,220
  • B N2,078
  • C N1,642
  • D N578
View Answer & Explanation