Accounts - Principles of Accounts Past Questions and Answers

Use the information below to answer question
Net loss.......................N2300
Capital........................N10500
Liabilities....................N7200
What will be the equity of the business?

A N12 800
B N4900
C N8200
D N9500

Question 37:

The process whereby a cheque received by one person is given to another is known as?

A Cheque crossing
B Payment in cheque
C Cheque transfer
D Cheque endorsement

Question 38:

Journal proper is used in recording?

A Transactions that are not regular
B Returns from customers
C Credit sales
D The receipt and payment for money

Question 39:

Use the information below to answer questions
Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?
Calculate the balance in the bank statement.

A N14 680
B N15 560
C 17 500
D 16 380

Question 40:

Use the information below to answer questions
Balance as per cash book................N13560
Unpresented cheques.....................N5120
Uncredited lodgements...................N2300
Dividend received not entered
in the cash book........................N2000
Bank charges............................N280
Standing order payments.................N600
Balance as per bank statement............?
What is the adjusted cash book balance?

A N14 680
B N15 560
C N16 440
D N17 000