Accounts - Principles of Accounts Past Questions and Answers

The process of bookkeeping includes records produced from?

A Ledgers
B Source documents
C Minutes of meeting
D Intuitive reasoning

Question 692:

Musa, a prepaid customer of XYZ and KLM, bought N1500 recharge card from XYZ, and N2000 recharge recharge card from KLM, for business calls. The entry to record these transaction is debit?

A Telephone N3,500 credit XYZ and KLM, N3,500
B Telephone N3,500, credit cash N3,500
C Sundries N3,500, credit KLM N3,500
D Sundries N3,500, credit telephone N3,500

Question 693:

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 694:

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 695:

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