43
The medium of correcting errors whose differences are shown in the trial balance is by the use of?
- A. debtors' account
- B. creditor's account
- C. suspense account
- D. ledger account
44
The major feature of a journal is that it has?
- A. six columns, date, particulars, folio, amount, debit and credit
- B. five columns, date particulars, folio, debit and credit
- C. three columns, date particulars and folio
- D. four columns, date particulars, folio and amount
45
Given:
Light expenses……………….N400
Purchases……………………N3,000
Sales……………………….N1,200
Creditors……………………N2,250
Debtors……………………..N50
Calculate the total of the trial balance?
- A. N4,250
- B. N3,500
- C. N4,300
- D. N3,450
46
i) Deducted the smaller side figure from the bigger side figure .
ii) Add up both side
iii)Take the difference to the smaller and add to the smaller figure
The correct procedure for balancing account is?
- A. ii, i and iii
- B. i, iii and ii
- C. ii, iii and i
- D. i, ii and iii
47
The principle of double entry system ensures?
- A. mathematical accuracy in trial balance
- B. balances at the bank
- C. increase in the assets and liabilities
- D. balance of cash account
48
In a trial balance, income and liabilities are?
- A. debited and credited respectively
- B. credited
- C. credited and debited respectively
- D. debited
49
The historical development of accounting reveals that it?
- A. deals with debit and credit of items
- B. is a product of financial development
- C. is a product of its own evironmnent
- D. is an ideal subject for finacial development