Accounts - Principles of Accounts Past Questions and Answers

The process of reconciling cheques between banks is termed cheque?

A Clearing
B Truncation
C Holding
D Confirmation

Question 12:

In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?

A Balance as per bank statement
B Bank balance as per adjusted cash book
C Aggregate balance as per cash book
D Bank balance as per cash book

Question 13:

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?

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

Question 14:

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Find the current assets?

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

Question 15:

The type of expense charged against administration of a firm is the?

A Repairs on building
B Interesr paid on loan
C Discount allowed
D Tax expense