Post Utme Obafemi Awolowo University Accounts - Principles of Accounts Past Questions and Answers

Question 21:

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 22:

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. \(N 240.000\)