Accounts - Principles of Accounts Questions
Question 2776:
The basis of accounting which eliminatesdebtors and creditors is ____
- A Cash basis
- B Accrual basis
- C Fund basis
- D Commitment basis
Question 2777:
Which of the following is a source ofrevenue to a local government authority?
- A Poll tax
- B Excise duty
- C PAYE tax
- D Value added tax
Question 2778:
Adama's bank account showed anoverdraft of ₦600 on 31st March. On goingthrough the account, it was discovered thatthe ₦1,080 paid into the account on 29thmarch had not been credited. What should bethe balance in Adama’ s cash accounts.
- A ₦1,680 Dr.
- B ₦1,080 Cr.
- C ₦600 Dr.
- D ₦480 Cr.
Question 2779:
The principle of double entry system ensures
- A Balances at the bank
- B Increase in the assets and liabilities
- C Balance of cashbook
- D Mathematical accuracy in trial balance
Question 2780:
The interest on partner's loan is
- A Credited in current account
- B Debited in profit and loss account
- C Credited in profit and loss account
- D Debited in current account