Accounts - Principles of Accounts Questions
Question 1786:
The purpose of the trading account is to ascertain
- A Carriage outwards
- B Gross profit
- C Distribution expenses
- D Net profit
Question 1787:
A trial Balance is the
- A Narration of all transactions and accounts
- B Debit balances of the accounts
- C List of all balances extracted from the ledger
- D List of all credit balances in the ledger
Question 1788:
Which of the following entries is made damaged goods are returned to the supplier?
- A Supplier's account is debited and the purchasers account credited
- B Returns outwards account is debited and the supplier's account credited
- C Purchaser's Account is debited and the supplier's account credited
- D Supplier's account is debited and the returns Outwards Account creddited
Question 1789:
A balance sheet is a
- A Form of trading account
- B Proof of arithmetical accuracy of postings
- C Statement showing profits at a certain date
- D Statement showing assets and liabilities at a cretain date
Question 1790:
Yinka bought goods worth N800.00 and sold at a margin of 20% on selling price. How much did she sell the goods?
- A N1,000
- B N960
- C N933
- D N820