Accounts - Principles of Accounts Past Questions and Answers

Which of the following is used to update the cash book in bank reconciliation?

A Interest received and unpresented cheques
B Commission and debit note
C Unpresented cheques and direct credit
D Interest received and direct credit

Question 2:

Which of the following is used to update the cash book in bank reconciliation?

A Interest received and unpresented cheques
B Commission and debit note
C Unpresented cheques and direct credit
D Interest received and direct credit

Question 3:

The two legally recognized professional accounting bodies in Nigeria are the?

A Institute of Certified Public Accountants of Nigeria and the Institute of cost and Management Accountants of Nigeria
B Association of Accountants of Nigeria and the Institute of Management Accountants of Nigeria
C Institute of Chartered Accountants of Nigeria and the Association of National Accountants of Nigeria
D Nigeria Accounting Association and the Excutive Cost and Management Accounts of Nigeria

Question 4:

Use the information below to answer question .
Capital ...................N2000
Bank ......................N1200
Purchase ..................N2500
Sales .....................N6700
Stock .....................N1300
Creditors .................N1000
Fixed assets...............N3700
Drawings ..................N?
Drawings are always estimated at 50% of capital.
The trial balance total is?

A N9700
B N8700
C N7900
D N7800

Question 5:

Verifiability in accounting is only possible when there are?

A Minutes of meetings
B Payment vouchers
C Source documents
D Audit certificates