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Accounts - Principles of Accounts Past Questions

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1181
Financial accounting information is for
  • A. internal use only
  • B. external use only
  • C. business use only
  • D. internal and external use
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1182
Which of the following statements is not true?
  • A. a trial balance is an account having debit and credit sides
  • B. expenses, losses and assets have debit balances
  • C. revenues, gains and liabilities have credit balances
  • D. a trial balance is a list of balances extracted from ledger accounts
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1183
Use the following information to answer the given question
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock} & 1,800\\ \text{Closing stock} & 1,350 \\ \text{Creditors- 1/01/2004} & 1,274 \\ \text{Creditors- 31/12/2004} & 1,140\\ \text{Cash paid to creditors} & 6,900\\ \text{Debtors 1/01/2004} & 465\\ \text{Cash received from debtors} & 11,130 \\ \text{Debtors 31/12/2004} & 300\end{array}\)
Sales for the year was
  • A. ₦11,430
  • B. ₦11,295
  • C. ₦11,130
  • D. ₦10,965
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1184
Adobaw extracted a trial balance on 31st December 2005 and realized that the total of debit balance exceeded the total of credit balance. Pending investigation the difference should be
  • A. debited to suspense account
  • B. credited to suspense account
  • C. debited to assets accounts
  • D. credited to asset account
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1185
A debit entry in the cash account and a corresponding credit in Alieu's account indicate a
  • A. receipt of cash from alieu
  • B. payment of cash to Alieu
  • C. sale of goods to Alieu for cash
  • D. purchases of goods from alieu for cash
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