43
Which of the following accounts belongs to the private ledger?
- A. drawing accounts
- B. premises account
- C. machinery account
- D. depreciation account
- E. V. Okafor's account
44
Which of the following accounts belongs to the personal ledger?
- A. purchases account
- B. capital account
- C. machinery account
- D. depreciation account
- E. rent and rentals
45
Which of the following may have been recorded in the cash book and fail to appear in the Bank statement?
- A. bank charges and commission
- B. cheques issued, presented and cashed
- C. bank lodgements
- D. payments made by the bank on a tanding order
- E. opening bank overdraft
46
The petty cash book can have
- A. a debit balance only
- B. a credit balance only
- C. both debit and credit balances
- D. a debit or nil balance
- E. a nill balance only
47
The sales account is written up from
- A. cash sales to customers only
- B. credit sales to customers only
- C. credit sales less cash sales
- D. cash sales less cash discounts
- E. both credit and cash sales
48
When goods are sold for cash the credit entry goes to the
- A. trader's account
- B. cash book
- C. purchases account
- D. sales account
- E. customers account
49
T. Trader sets aside from his private funds n1,500 for business purposes. The N1.500 would be referred to as
- A. capital
- B. loan
- C. reserve
- D. drawings
- E. profit
50
The bank column in the cash book shows a credit balance of N180. This means
- A. a total payment of N180
- B. a gross receipt of N180
- C. a left over of N180 in the bank
- D. an overdraft of N180
- E. a left over of N180 cash