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Accounts - Principles of Accounts Past Questions

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966

The sales ledger control account is also referred to as

  • A. bought ledger control account
  • B. purchases account
  • C. total debtors account
  • D. total creditor account
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967

An increases in the provision for doubtful debts results is a\an

  • A. increase in the gross profit
  • B. decrease in the gross profit
  • C. decrease in the net profit
  • D. increase in the net profit
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968

Share of ₦3 nominal value were issued at a price ₦4. The difference of ₦1 is a

  • A. commision
  • B. discount
  • C. premium
  • D. bonus
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969
Which of the following errors affects the agreement of a Trial balance?
  • A. wrong addition in the sales account
  • B. crediting a purchase to the sales account
  • C. failure to enter sales in the books
  • D. posting the purchase of a van to the debit side of the purhases account
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970

The excess of value of assets over the purchase consideration on acquisition of a business is credited to

  • A. share capital account
  • B. goodwill account
  • C. capital reserved account
  • D. general reverse account
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