Accounts - Principles of Accounts Past Questions and Answers

The historical development of accounting reveals that it?

A Deals with debit and credit of items
B Is a product of financial development
C Is a product of its own evironmnent
D Is an ideal subject for finacial development

Question 122:

In a bank reconciliation statement, interest charged for overdrawn balances should be added to the?

A Balance as per bank statement
B Bank balance as per adjusted cash book
C Aggregate balance as per cash book
D Bank balance as per cash book

Question 123:

Use the information below to answer question
i) Stock of goods
ii) Furniture
iii)Creditors
iv) Cash at bank
v) Loan from the bank
Determine the current liabilities?

A Iii and v
B Ii and iii
C Iv and v
D I and ii

Question 124:

Use the information above to answer questions 19 and 20.
July 30 Closing stock 100 units at N90
July 8 Purchased 200 units at N95
July 10 Sold 160 units
July 17 Returned 80 faulty units purchased at N95
July 18 Purchased 200 units at N105
July 20 Sold 180 units
July 28 Purchased 200 units at N110
July 29 Sold 120 units
July 30 Sold 100 units
How many units were at hand as at July 30?

A 80
B 100
C 60
D 160

Question 125:

The control accounting can be used in?

A Recording all the business transactions of the enterprise
B Keeping records of all direct deposit in the bank account
C Monitoring the books of original entry
D Monitoring the efficiency of bookkepping by accountants