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16

A petty cashier has a cash float of #53,000 and #38,600 was spent,the reimbursement would be 

  • A. #91,600
  • B. #53,000
  • C. #38,600
  • D. #14,400
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17

A person whom a business owes for the goods or service supplied by him is the 

  • A. payee
  • B. drawee
  • C. creditor
  • D. debtor
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18

Purchases for #12,960 was recorded in the day book as #12,690. This is an error of

  • A. Principle
  • B. Compensation
  • C. Complete reversal
  • D. Original entry
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19

Which of the following features describe a receipts and payments account 

i it is a nominal account

ii it contains only items of revenue

iii it is a real account

iv it records capital expenditure items

  • A. i,ii,iii and iV
  • B. i,ii,iii only
  • C. ii and iii only
  • D. iii and iv only
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20

Sales of goods to the value of N500 was debited to Ade instead of Adu, The journal entry for correcting this error is debit

  • A. Adus account #500:credit Ades account #500
  • B. Ades Account #500; credit Adus account N 500
  • C. Adus account # 500; credit sales account #500
  • D. Sales account #500, credit Adus account #500
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