Accounts - Principles of Accounts Questions
Question 2401:
When closing stock is overstated, it would reduce,
- A Cost of sales and increase gross profit
- B Gross profit and increase cost of sales
- C Purchases and increases sales
- D Sales and increase purchases
Question 2402:
Which of the following is not a source document?
- A Journal paper
- B Sales invoice
- C Debit note
- D Credit note
Question 2403:
A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit
- A Asset account credit purchase account
- B Asset account credit capital account
- C Capital account credit asset account
- D Capital account credit profit and loss account
Question 2404:
Which of the following is a book of ordinary entry?
- A Ledger
- B Balance sheet
- C Bank statement
- D Sales journal
Question 2405:
A balance sheet shows only
- A Fixed assets and current assets
- B Assets and long term liabilities
- C Assets and liabilities
- D Assets and capital