Accounts - Principles of Accounts Past Questions and Answers

Given:
Capital...............................N2375 000
Debtors...............................N495 000
Motor vehicle.........................N870 000
Creditors.............................N245 000
Prepayment............................N500 000
Bills receivable......................N505 000
Furniture.............................N150 000
What is the total debit for the trial balance?

A N4 690 000
B N2 620 000
C N2 520 000
D N1 565 000

Question 7:

If Odukoya takes money out of business bank account for his own private use, the effect of the transaction is?

A Increase in assets and increase in capital
B Increase in liabilities and decrease in capital
C Decrease in capital and increase in assets
D Decrease in capital and decrease in assets

Question 8:

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
What are the current liabilities?

A I and ii
B Iv and v
C Iii and v
D Ii and iv

Question 9:

Use the information to answer below to answer questions
i Operating machines
ii Furniture
iii Fixtures and fitting
iv Loan from friends
V Creditors
Find the fixed assets?

A I, ii and v
B I, ii and iv
C I, ii and iii
D Iii, iv and v

Question 10:

Use the information above to answer question
Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780
Period 2:
........Petty cashier pays out............N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?

A 160
B 840
C 1000
D 1040