Accounts - Principles of Accounts Questions
Question 2701:
A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of _____
- A Classifying in the ledger.
- B Testing arithmetical accuracies of the ledger account balance
- C Identifying the balance sheet items
- D Providing a basis for establishing the accountant's competence.
Question 2702:
Bola, UTC's regular customer, owed 1000 naira on account of a radio bought. If he sent in a cheque for 500 naira, UTC would send him a ____
- A Credit note
- B Debit note
- C Journal voucher
- D Way bill
Question 2703:
Books of original entry are used for ____
- A Recording business transactions
- B The adjustment of accounts
- C Reminding the book keeper to-posttransactions in the ledger
- D Informing the bookkeeper about the state of affairs.
Question 2704:
If salary account is debited instead of stationery account, the error committed is that of ___
- A Commission
- B Omission
- C Principle
- D Compensation
Question 2705:
Ledger account is mainly classified into ________
- A Nominal, real and personal accounts
- B Fixed and current accounts
- C Management, financial and public sector accounting
- D Bank and cash accounts