Accounts - Principles of Accounts Past QuestionsQuestion 111:The principle use of control accounts is to A. Localize error within the ledger B. Prevent fraud C. Increase sales D. Record assets and liabilities Question 112:In the absence of a sales day book or sales account the credit for sales can be computed from A. Creditors control account B. Debtors control account C. Opening figures of the balance sheet D. Closing figures of the balance sheet Question 113:which of the following conditions best represents the net effect of discount allowed on credit sales on the accounts of the business? A. Decrease in the closing balance of sales ledger control accout B. Increase in net profit C. Increase in the value of sales D. Decrease in the value of purchases in the trading account Question 114:The total of the creditors at the beginning of the year was N4,600 and at the end of the year N5,250. During the year, N26,500 was paid to suppliers and N130 was received in discounts from these suppliers. The purchases for the year would be A. N26,630 B. N27,038 C. N27,150 D. N27,280 Question 115:Given: Capital at the beginning...............N20 000 Drawings...............................N3 000 Capital................................N30 000 New capital introduced.................N8 000 What is the profit for the period? A. N4 000 B. N5 000 C. N6 000 D. N8 000 |
|
| ||||||
Disclaimer All Views, Names, Acronyms, Trademarks, Expressed on this website are those of their respective owners. Please note that www.schoolngr.com is not affiliated with any of the institutions featured in this website. It is always recommended to visit an institutions or sources official website for more information. In the same vein, all comments placed here do not represent the opinion of schoolngr.com SCHOOLNGR - © 2020 - 2024 - Tayo Hammed | Terms Of Service | Copyright | Privacy Policy |