Accounts - Principles of Accounts Past Questions and Answers

Given:
Capital at start.......................N3250
Capital at close ......................N6250
Additional capital during the period...N1000
Calculate the profit or loss?

A N8500 profit
B N2000 loss
C N2000 profit
D N8500 loss

Question 367:

In a control account, discount received is found on the?

A Debit side of the purchase ledger control account
B Debit side of the sales ledger control account
C Credit side of the purchase ledger control account
D Credit side of the sales ledger control account

Question 368:

In an incomplete record system a trading account cannot be prepared until the?

A Day book has been balanced
B Amount of personal drawings has been established
C Cash book has been balanced
D Amount os sales and purchases has been established

Question 369:

Given an incomplete record without sufficient information to determine profit, the necessary thing to do is to?

A Draw up the statement of affairs
B Draw up a T-account to establish the amount
C Compare the journal entries with the cash book
D Cross-check the cash book for further information

Question 370:

keeping records under the single entry system has the advantage of?

A Quality in terms of records
B Completeness in terms of records
C Accuracy in terms of operation
D Simplicity in terms of operation