Accounts - Principles of Accounts Past Questions and Answers

In a trial balance, income and liabilities are?

A Debited and credited respectively
B Credited
C Credited and debited respectively
D Debited

Question 792:

The principle of double entry system ensures?

A Mathematical accuracy in trial balance
B Balances at the bank
C Increase in the assets and liabilities
D Balance of cash account

Question 793:

i) Deducted the smaller side figure from the bigger side figure .
ii) Add up both side
iii)Take the difference to the smaller and add to the smaller figure
The correct procedure for balancing account is?

A Ii, i and iii
B I, iii and ii
C Ii, iii and i
D I, ii and iii

Question 794:

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 795:

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