Accounts - Principles of Accounts Questions
Question 2601:
In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the
- A Materiality concept
- B Dual aspect concept
- C Matching concept
- D Money measurement concept
Question 2602:
In accounting context, purchases refer to
- A Goods bought and paid only
- B Goods bought for resale only
- C Goods bought on credit only
- D Goods bought to be used in the firm
Question 2603:
Which of the following items is a current liability?
- A Stock of raw material
- B Cash in hand
- C Bills payable
- D Cash at bank
Question 2604:
The balance sheet is prepared to reveal
- A The result of the operations for the period under review
- B The financial position of the business
- C The arithmetical accuracy of the ledger accounts
- D The accruals and payment
Question 2605:
The excess of cost of goods sold over net sales is
- A Gross profit
- B Gross loss
- C Net profit
- D Net loss