The book of account in which information from the source documents are recorded consists of
- A. debit and credit notes
- B. ledger and subsidiary books
- C. prepayments and accruals
- D. profit and loss and balance sheet
A ledger is classified into
- A. private, sales and purchases
- B. personal, general and private
- C. general, private and sales
- D. sales, purchases and general
Which of the following affects the accuracy and authenticity of the trial balance?
- A. Error of ommission
- B. Error of commission
- C. Error of transposition
- D. Error of original entry
Aduke Motors bought three Toyota Hilux vans on cash at the cost of #6,000,000, on debiting the vehicle account, the corresponding credit for the purchase will appear in the
- A. sales day book
- B. purchases day book
- C. sales subsidiary book
- D. cash book
A cheque of #5,000 paid to Sulieman had been correctly entered in the cash book but had not been entered in Sulieman’s account. To correct this error, debit Sulieman’s account and credit
- A. cash account
- B. bank account
- C. suspense account
- D. purchases account
The concept which states that revenue should be recognized at the point when the sale is deemed to have been made is
- A. matching
- B. consistency
- C. realization
- D. going concern
One of the the differences between bookkeeping and accounting is that the former
- A. records data while the latter interprets
- B. is regarded as the language of the business while the latter ascertains its strenght
- C. interprets data while the latter records it
- D. summarises information while the latter communicates it