Accounts - Principles of Accounts Past Questions and Answers

Which of these is the main source document for recording cash paid into bank?

A Invoice
B Cheque book
C Credit note
D Pay-in-slip

Question 1122:

Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes

A I,II and IV
B II,III and IV
C III and IV
D I,II and III

Question 1123:

The movement of goods from head office to a branch is treated in the head office as

A Sales
B Issue
C Purchases
D Requisition

Question 1124:

The following are the importance of branch account except

A It enable the organization to determine the branch that is making either profit or loss
B It allows proper control over the branch by the head office
C It assist the organization to determine the performance of a branch manager
D It allows fraud and wastage of resources

Question 1125:

The current growth in the volume of trading and financial dealing in Nigeria is helped by

A Increased financial activities
B Government intervention
C Credit as a factor in business
D Payment for goods in cash