Accounts - Principles of Accounts Past Questions and Answers

Given:
Rent..............N10,000
Rates.............N5,000
Capital...........N50,000
Salaries..........N14,000
Cash..............N26,000
Creditors..........N5,000
The total trial balance is?

A N110,000
B N65,000
C N55,000
D N45,000

Question 7:

What are the appropriate recording procedures for entries in the trial balance?

A Source documents, ledgers and trial balance
B Ledgers, trial balance and source documents
C Ledgers, source documents and trial balance
D Cash account, ledgers and trial balance

Question 8:

Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?

A Omission
B Principle
C Commission
D Original entry

Question 9:

Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank.
What is his expected balance?

A Credit balance of N 200,000
B Debit balance of N 200,000
C Credit balance of N 3 200,000
D Debit balance of N3 200,000

Question 10:

five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250
Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350
How much should the petty cashier receive after period 2?

A N150
B N250
C N350
D N500