Post Utme University of Ibadan Accounts - Principles of Accounts Past Questions and Answers

Question 11:

Sales ledger control account contains the total amount in respect of

A. Creditors
B. Debtors
C. Investors
D. Shareholders

Question 12:

The difference in the sales ledger control account is transferred to the ___________

A. Profit and loss account
B. Sales account
C. Balance sheet
D. Trading account

Question 13:

The following represents extracts from the trading account of a retail outlet for a given month: B Opening stock 2,400 Closing stock \(\quad 6,400\) Other expenses 2,000 Sales 11,000 Profit 900

What is the purchase figure for the month?

A. N 13,000
B. N 12,100
C. N 12,000
D. N 11,200

Question 14:

A rent of 250,000 was paid by John to his landlord by cheque. The double entry in John's books A is ___________

A. Debit Rent account, credit Bank account
B. Debit Rent account, credit John's account
C. Debit Bank account, credit Rent account
D. Debit John's account, credit Rent account

Question 15:

Items in the bank statement of a business but not in the cash book before preparation of bank reconciliation statement do not include?

A. Bank charges
B. Standing order
C. Presented cheque
D. Interest on overdraft