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Accounts - Principles of Accounts Past Questions

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3106

One of the options below is not the source of income for non - profit organization

  • A. ordinary shares
  • B. donations
  • C. subscription/dues
  • D. entrance fees
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3107

Which of these is the main source document for recording cash paid into bank?

  • A. invoice
  • B. credit note
  • C. cheque book
  • D. pay-in-slip
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3108
  #

 Stock Jan 1

2600
Purchases 4000
Carriage inwards 500
Sales 9000
Carriage outwards 500

 

Determine the net profit

  • A. #4,000
  • B. #4,500
  • C. #5,000
  • D. #1,400
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3109

Subscription in advance is treated in the balance sheet as a

  • A. fixed asset
  • B. long term liability
  • C. current asset
  • D. current liability
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3110
 

       ₦

Balance as per cash book

     5467

Uncredited cheques

     4410

Unpresented cheques    

    19404

The balance as per bank statement is

  • A. ₦20,461
  • B. ₦21,091
  • C. ₦21,109
  • D. ₦19,021
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