Accounts - Principles of Accounts Questions
Question 186:
A basic unifying concept in accounting implies that?
- A Where creditors'account is zero, the assets are equal to the owners' equity
- B There should be a balance in the creditors' account in order to measure total assets
- C Revenues should be supported by invested and owners'capital
- D Total assets can be less than liabilities and equity
Question 187:
A source document for the sales day book is?
- A A requisition form
- B An invoice
- C A customer advice
- D A credit advice
Question 188:
In a cash book, the opening balance was N7,600, closing balance N9,200 and the total cash received during the period was N18,000. What was the amount of cash paid out during the period?
- A N8,900
- B N9,800
- C N14,600
- D N16,400
Question 189:
If the total discount allowed in a cash book was N230 and the total discount received was N255, which of the following is true concerning the two discounts?
- A They must be balanced in the cash book and the difference taken to the debtors ledger
- B They must be balanced in the cash book and the difference taken to the trial balance
- C They should not be balanced in the cash book before being taking to the trial balance
- D They should not appear in the trial balance as they were already either received or paid out
Question 190:
Which of the following bank reconciliation items should not be added or subtracted from the bank statement balance to determine the adjusted cash balance?
- A Outstanding cheques
- B Bank service charges
- C Deposit in the mail not yet received by the bank
- D Bank error, charging a company for another company's cheque