Accounts - Principles of Accounts Past QuestionsQuestion 146:When a transaction causes an assets account to increase, there is? A. A decrease of equal amount inthe owner's equity account B. An increase in a liability account C. An increase of equal amonut in another assets account D. A decrease of equal amount in a liability account Question 147:N Bank account 59,410 Capital account 50,000 Purchase account 20,000 Rent 2,500 Stationery 90 typewriter 6,500 Sales 38,000 In preparing a trial from the list of balances given above, what is the total in debit and credit columns? A. N147,910 B. N138,500 C. N88,500 D. N85,800 Question 148:The purchase of two generators by Hassan Electronics Enterprises should be recorded as? A. An acquistion of fixed assets B. An expenses in its general office expenses account C. An acquistion of stock D. A part of capital in the capital account Question 149:If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to? A. Overstate income this year and understate in next year B. Understate income this year and overstate in next year C. Understate this year's income with no effect on the next year's D. Overstate the income for the two-year period Question 150:The total of the discounts received column in the cash book is posted to the? A. Credit of the discounts received account B. Debit of the discounts allowed account C. Credit of the discounts allowed accoun D. Debit of the discounts received account |
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