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Accounts - Principles of Accounts Past Questions

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  N
Purchase ledger opening balance 4,000
sales ledger opening balance 6,000
credit purchase 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Return outwards 6,000

Use the information above to answer the following question;

2581

what is the purchase ledger balance?

  • A. N29,000
  • B. N24,000
  • C. N4,000
  • D. N23,000
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2582

lubricating oil and spare parts of machines are example of?

  • A. indirect expense
  • B. direct expense
  • C. indirect material
  • D. direct material
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2583

for an incomplete record to provide necessary information, it must be converted to?

  • A. double entry
  • B. single entry
  • C. complete records
  • D. statement of affairs
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2584

The main difference between the ordinary and preference shareholders is that?

  • A. the former have voting rights while the latter do not
  • B. in the case of winding up, the former are paid first before the latter
  • C. the latter are not members of the company while the former are
  • D. the former receives dividends while the latter do not
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2585

A club received rent N10,000 and donation of N30,000. it paid N6,000 for entertainment and is still owing N16,000 . The balance of the receipts and payments account is?

  • A. N14,000
  • B. N24,000
  • C. N8,000
  • D. N42,000
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