Post Utme Accounts - Principles of Accounts Questions
Question 11:
A payment of cash of ₦20 to John was entered on the receipt side of the cash book in error and credited to John's account.<br/>Which of the following journal entries can be used to correct the error?
- A John: ₦40 Dr, Cash: ₦40 Cr.
- B Cash: ₦40
- C John: ₦20 Dr, Cash: ₦20 Cr.
- D Cash: ₦20 Dr, John: ₦20 Cr.
Question 12:
A Sales Day Book is used for recording ___
- A Credit sales
- B Sales returns
- C Hire purchase
- D Cash sales
Question 13:
A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of _____
- A Classifying in the ledger.
- B Testing arithmetical accuracies of the ledger account balance
- C Identifying the balance sheet items
- D Providing a basis for establishing the accountant's competence.
Question 14:
Bola, UTC's regular customer, owed 1000 naira on account of a radio bought. If he sent in a cheque for 500 naira, UTC would send him a ____
- A Credit note
- B Debit note
- C Journal voucher
- D Way bill
Question 15:
Books of original entry are used for ____
- A Recording business transactions
- B The adjustment of accounts
- C Reminding the book keeper to-posttransactions in the ledger
- D Informing the bookkeeper about the state of affairs.