Accounts - Principles of Accounts Past Questions

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2161

If a trail balance is in agreement, one of the statement is untrue

A. the accounting system is error free
B. equal debit entries and credit entries were recorded for each transaction
C. the debit and credit from the journal were posted to the accounts
D. account balances were correctly computed

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2162

Use the following information to answer this question.

Club building 400,000

Subscription prepaid 3,000

Sport kits 150,000

Bar creditors 85,000

Subscription owing 32,000

What is the club’s total liabilities

A. N11, 700
B. N26, 700
C. N88, 000
D. N85, 000

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2163

If sales return is understated, it implies that ------------------------------ is overstated

A. return inward
B. sales figure
C. cost of sales
D. return outward

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2164

Accounting information is used by investors and creditors of a company to predict

A. potential merger candidates for the company
B. appropriate remunerations for the company’s staff
C. future cash flows of the company
D. future tax payments of the company

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2165

Use the information below to answer this question.

\(\begin{array}{c|c}
\hline & \text{Dept A} & \text{Dept B} \\
\hline
\text{Sales} & 180,000 & 150,000 \\
\hline
\text{Cost of sales} & 79,000 & 85,000 \\
\hline
\text{Expense} & 28,000 & 40, 000 \\
\end{array}\)

How much is the gross profit for department A?

A. N101,000
B. N73,000
C. N79,000
D. N152,000

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Accounts - Principles of Accounts Past Questions

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