Yahya,s bank account shows a credit balance of N1500,000. He paid N1700,000 into the bank.
What is his expected balance?
- A. Credit balance of N 200,000
- B. Debit balance of N 200,000
- C. credit balance of N 3 200,000
- D. Debit balance of N3 200,000
Mr Bassey purchased a motor vehicle for use in his business and debited the purchases account with the same value. This is an error of?
- A. omission
- B. principle
- C. commission
- D. original entry
What are the appropriate recording procedures for entries in the trial balance?
- A. source documents, ledgers and trial balance
- B. Ledgers, trial balance and source documents
- C. Ledgers, source documents and trial balance
- D. Cash account, ledgers and trial balance
Given:
Rent…………..N10,000
Rates………….N5,000
Capital………..N50,000
Salaries……….N14,000
Cash…………..N26,000
Creditors……….N5,000
The total trial balance is?
- A. N110,000
- B. N65,000
- C. N55,000
- D. N45,000
Given:
Liabilities…………..N23,700
Current assets………..N20,300
Fixed assets………….N64,500
What is the capital introduced by the proprietor?
- A. N40,800
- B. N61,100
- C. N88,200
- D. N108 500
The journal entries for the purchase of stock on credit are to debit?
- A. stock account and credit cash account
- B. stock account and credit liability account
- C. ourchase account and credit liability account
- D. suspense account and credit cash account
The concept that has much influence over asset valuation and income determination is?
- A. entity
- B. realization
- C. conversactism
- D. matching
The double principle of accounting was developed by?
- A. Frank Wood
- B. Luca Pacioli
- C. Akintola Williams
- D. William Pickles