Accounts - Principles of Accounts JAMB, WAEC, NECO AND NABTEB Official Past Questions

The excess of cost of goods sold over net sales is

The balance sheet is prepared to reveal

Which of the following items is a current liability?

In accounting context, purchases refer to

In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the

Which of the following items of expense involves actual cash payment?

Bank reconciliation statement is prepared to reconcile the differences between

One of the purchases invoices of Mr.Dauda showed D96,240 less 12 \(\frac{1}{2}\)% trade discount and cash discount of 20%. Since Mr Dauda paid the amount due within the credit period, the amount paid is

Cash paid to jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of

A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?

A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is

Which of the following errors are errors of commission?
I. A cheque paid to Adam debited to Adam’s account.
II. Credit sales to Eva credited to sales account but debited to Eve’s account.
III. Furniture repairs debited to furniture account.
IV. Credit purchases from Manu credited to Manu’s account.

Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit

Which of the following are impersonal accounts ?
I. Investment
II. Creditors
III. Premises
IV. Debtors
V. Salaries

Every asset should have

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