Post Utme Accounts - Principles of Accounts Past Questions and Answers

Question 131:

Subscription received in respect of a future period is ____________

A. Subscription deposit
B. Subscription in advance
C. Accrued subscription
D. Subscription in arrears

Question 132:

The petty cash book kept on imprest system should have ____________

A. A credit balance only
B. A debit or nil balance
C. A debit balance only
D. Both debit and credit balances

Question 133:

Determine the amount chargeable to profit and loss account for electricity from the data below
Opening balance \( 40,000\)
Paid during the year \(N240.000
Closing balance N100,000

A. \(N 300,000\)
B. \(N 340,000\)
C. N100,00
D. \(N 240.000\)