Accounts - Principles of Accounts Past Questions and Answers

The main objective of accounting report is to provide information about?

A A company's shareholding
B An entity's management
C The efficacy of assets
D A company's economic resources

Question 292:

If liabilities amounted to N12,045, other assets N36,800and equity N26,896, the cash at hand would be?

A N2,241
B N2,214
C N2,141
D N2,114

Question 293:

Use the information below to answer question.
Given:
Fixed assets N85,600
Sales N197,000
Stock N34,300
Salaries N37,000
Purchases N127,700
Share capital N120,000
Creditors N16, 050
Motor expenses N10,500
Debtors N25,000
What is the cash balance?

A N12,095
B N12,590
C N12,905
D N12,950

Question 294:

A N335,050
B N333,050
C N323,050
D N230,550

Question 295:

The accuracy of journalist is checked by?

A Ensuring that debit totals equal credit totals
B Posting all journal entries to ledger accounts
C Adding all figures in the debit column
D Comparing accounts in the ledger against the journals