Accounts - Principles of Accounts Questions
Question 2501:
Which of the following transactions will result in disagreement between the cash book and the bank statements?
- A Selling of goods on credit to a customer
- B Withdrawal of goods by the proprietor for his personel use
- C Cheque paid directly into the bank account by a customer
- D Omission of purchases received from a supplier on credit
Question 2502:
Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is
- A An error of omission
- B A compensating error
- C An error of commision
- D An error of principal
Question 2503:
Which of the following is used to record the disposal of a fixed asset?
- A Journal proper
- B Petty cash book
- C Sales day book
- D Purchase day book
Question 2504:
An error of principle is made, if
- A An entry has been made on the wrong class of account
- B A transaction has been completely omitted
- C An entry has been made on the wrong side of the two accounts corcened
- D A transaction is entered in both accounts for the wrong amount
Question 2505:
Which of the following is entered in the general journal?
- A Purchase of goods
- B Sale of goods on credit
- C Returns inward
- D Aquisition of fixed assets