Accounts - Principles of Accounts Past Questions and Answers

Goods stolen at the branch is debited to

A Branch stock account
B Defalcations account
C Branch debtors account
D Branch adjustment account

Question 1027:

Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------

A Financial accounting
B Accounting policies
C Cost accounting
D Accounting conventions

Question 1028:

Which of the following cannot be realized?

A Creditors
B Debtors
C Motor vehicles
D Goodwill

Question 1029:

If a trail balance is in agreement, one of the statement is untrue

A The accounting system is error free
B Equal debit entries and credit entries were recorded for each transaction
C The debit and credit from the journal were posted to the accounts
D Account balances were correctly computed

Question 1030:

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities

A N11, 700
B N26, 700
C N88, 000
D N85, 000