Accounts - Principles of Accounts Questions
Question 1861:
Suppliers personal accounts are found in the
- A Purchases ledger
- B Sales account
- C Purchases account
- D Sales ledger
Question 1862:
Commission of N5,000 to a sales representative is debited to salaries account. This is an error of
- A Reversal of entries
- B Principle
- C Commission
- D Compensation
Question 1863:
Purchase of goods of N2,000 was treated as sales and entered in the sales day book and had been carried through the account as such. This error of
- A Principle
- B Omission
- C Reversal of entries
- D Original entries
Question 1864:
Which of the following is not correct?
- A Increases in asset accounts are entered on the debit side
- B Decreases in assets accounts are entered on the credit side
- C Increases in liability accounts are entered on the credit side
- D Decreases in liability accounts are entered on the credit side
Question 1865:
A business firm incurs labour cost in installing machinery. This should be treated as
- A Salaries account
- B Machinery account
- C Debtors account
- D Creditors account