Accounts - Principles of Accounts Past Questions and Answers

A financial analyst needs accounting information to?

A Maintain the production section of the business
B Know why transactions cause increase and decreases in assets
C Advise on how to manage the business
D Know how to record transaction in T account

Question 642:

One basic assumption of the double entry theory is that it allows?

A Two credit entries at the same time
B Two debit entries at the same time
C Debit and credit two credit entries at the same time
D Debit and credit two credit entries in corresponding account

Question 643:

Given:
Sales.....................N4000
Light expenses............N2900
Rent......................N1500
Purchases.................N7500
Debtors...................N6000
Creditors.................N29000
Drawings..................N25
Bank......................N400
General expenses..........N1500
Calculate the total of trial balance?

A N64 300
B N46 825
C N41 850
D N33 325

Question 644:

Bariga, a stock broker bought stationery for N 12000 by cash. To record this transaction, debit?

A Cash and credit stationery
B Purchase and credit stationery
C Stationery and credit cash
D Stationery and credit purchases

Question 645:

Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
Determine the fixed assets?

A I and v
B Ii and iv
C Ii and vi
D Iii and iv