Accounts - Principles of Accounts Past Questions and Answers

Akirika bought a motor van for his business by cash. The entries are to debit

A Motor van and credit Akirika
B Sales and credit Akrika
C Motor van and credit cash
D Cash and credit motor van

Question 7:

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
In the book of Ibrahim, the entry to record the transaction would be to debit

A Sugar account #12,000 and credit Jide #12,000
B Jide #12,000 and credit sales account #12,000
C Ibrahim #12,000 and credit Jide #12,000
D Sugar account #12,000 and credit Ibrahim #12,000

Question 8:

Ibrahim, a micro business operator, sold 10 bags of sugar to Jide at a total cost of #12,000.
The record in Jide's book would be to debit

A Purchases #12,000 and credit Ibrahim #12,000
B Purchases #12,000 and credit sugar account #12,000
C Jide #12,000 and credit purchases
D Ibrahim #12,000 and sugar account #12,000

Question 9:

In a three-column cash book, dishonored cheques will be shown on the

A Bank column (debit)
B Bank column(credit)
C Cash column(debit)
D Cash column(credit)

Question 10:

Cash can be drawn from the bank using

A A bank teller
B A credit card
C A recharge card
D ATM card