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Accounts - Principles of Accounts Past Questions

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3406

A suspense account is used to

  • A. record sales
  • B. agree the trial balance
  • C. prepare the balance sheet
  • D. record purchase
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3407

Which of the following is apportioned in proportion of the purchases of each department?

  • A. Carriage outwards
  • B. Selling commission
  • C. Bad debts
  • D. Discounts received
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3408

The transfer of goods between departments is recorded by debiting

  • A. stock account and crediting trading account
  • B. trading account and crediting purchases account
  • C. the receiving department and crediting the giving department
  • D. the giving department and crediting the receiving department
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3409

The Chief Accounting Officer of the federation is

  • A. Auditor General
  • B. Minister of Finance
  • C. Accountant General
  • D. Chief Accountant
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3410

Which of the following is not true of a trial balance?

  • A. list taken of the account balance in the general ledger
  • B. proof of the arithmetical accuracy of the ledger postings
  • C. list of account abstracted from a subsidiary ledger to check their agreement with the related control account
  • D. summary of data for the preparation of financial statement
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