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Thursday, 09 April 2026
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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 2561:
In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as
  • A Current liability
  • B Expenses
  • C Income
  • D Current asset
View Answer & Explanation
Question 2562:
The process of using sales ledger balance to cancel off purchases ledger balance is
  • A Balancing
  • B Set off
  • C Reconcilation
  • D Cancelling
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Question 2563:
Which of the following items is found in the sales ledger control account?
  • A Discount received
  • B Total credit purchases
  • C Discount allowed
  • D Returns outwards
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Question 2564:
The total of the returns outwards journal is posted to the
  • A Credit side of the returns outwards book
  • B Debit side of the returns outwards account
  • C Debit side of the purchases returns book
  • D Credit side of the returns outwards account
View Answer & Explanation
Question 2565:
Which of the following is a not revealed by a firm's accounting records?
  • A Profit of a period
  • B Quality of labour force
  • C Credit worthiness
  • D Value of assets
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