Accounts - Principles of Accounts Past Questions and Answers

Given:
Light expenses...................N400
Purchases........................N3,000
Sales............................N1,200
Creditors........................N2,250
Debtors..........................N50
Calculate the total of the trial balance?

A N4,250
B N3,500
C N4,300
D N3,450

Question 7:

The major feature of a journal is that it has?

A Six columns, date, particulars, folio, amount, debit and credit
B Five columns, date particulars, folio, debit and credit
C Three columns, date particulars and folio
D Four columns, date particulars, folio and amount

Question 8:

The medium of correcting errors whose differences are shown in the trial balance is by the use of?

A Debtors' account
B Creditor's account
C Suspense account
D Ledger account

Question 9:

Use the information below to answer question .
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10% and a cash discount of 15% were provided.
Find the total amount paid?

A N260
B N300
C N200
D N380

Question 10:

A N60
B N90
C N40
D N100