Accounts - Principles of Accounts Questions
Question 2426:
The sales ledger control account is also referred to as
- A Bought ledger control account
- B Purchases account
- C Total debtors account
- D Total creditor account
Question 2427:
An increases in the provision for doubtful debts results is a\an
- A Increase in the gross profit
- B Decrease in the gross profit
- C Decrease in the net profit
- D Increase in the net profit
Question 2428:
Share of ₦3 nominal value were issued at a price ₦4. The difference of ₦1 is a
- A Commision
- B Discount
- C Premium
- D Bonus
Question 2429:
Which of the following errors affects the agreement of a Trial balance?
- A Wrong addition in the sales account
- B Crediting a purchase to the sales account
- C Failure to enter sales in the books
- D Posting the purchase of a van to the debit side of the purhases account
Question 2430:
The excess of value of assets over the purchase consideration on acquisition of a business is credited to
- A Share capital account
- B Goodwill account
- C Capital reserved account
- D General reverse account