Principles Of Accounting Drill Questions And Answers Nominal Account
Suppliers’s personal accounts are found in the ledger
Purchases ledger
Question
When there is a difference in the trial balance and it cannot be resolved before the preparation of the final accounts it is taken to…………
Answer
Suspense acct
Question
All the following are assets except
Answer
Accrued Expenses
Question
………… Is a book of original entry
Answer
Journal proper
Question
All the following are Non-current assets except
Answer
Prepayments
Question
Which of the following is not true about Trial Balance?
Answer
It contains elaborate entries in all accounts in the ledger
Question
Accounting equation that shows the net worth of a business is_
Answer
Capital = Asset – Liabilities
Question
Payment of liability will result in …….
Answer
Decrease in both assets and liabilities
Question
The owner’s equity in a business is called
Answer
Capital
Question
Which of the following is both a ledger and a subsidiary book?
Answer
Cash book
Question
N50,000 taken from cash till and banked is recorded in the cash book as follows:
Answer
Dr Bank column and Cr Cash column
Question
Purchases in accounting means.
Answer
Goods bought for resale
Question
Which of the following is correct
Answer
Profit increases capital
Question
Calculate the break -even point if Owiya ltd sells its product for N1,000 per unit and having a variable cost per unit of N500, with a fixed cost of N500,000.
Answer
1000
Question
The level at which the contribution is equal to fixed cost is called.
Answer
Break even point
Question
…………is an internal accounting system
Answer
Cost accounting
Question
The summation of direct materials, direct labour and direct expenses is…………
Answer
Prime cost
Question
An item, process or activity for which a separate measurement of cost is required is called……
Answer
Cost object
Question
The type of accounting that deals with the gathering of cost information, cost attachment, budgeting and standard costing is……
Answer
Cost accounting
Question
Which type of error is committed when machinery bought for use in the business is mistakenly debited to the purchases account.
Answer
Error of principle
Question
Suppliers’s personal accounts are found in the ledger
Answer
Purchases ledger
Question
When there is a difference in the trial balance and it cannot be resolved before the preparation of the final accounts it is taken to…………
Answer
Suspense acct
Question
All the following are assets except
Answer
Accrued Expenses
Question
………… Is a book of original entry
Answer
Journal proper
Question
All the following are Non-current assets except
Answer
Prepayments
Question
Which of the following is not true about Trial Balance?
Answer
It contains elaborate entries in all accounts in the ledger
Question
Accounting equation that shows the net worth of a business is_
Answer
Capital = Asset – Liabilities
Question
Payment of liability will result in …….
Answer
Decrease in both assets and liabilities
Question
The owner’s equity in a business is called
Answer
Capital
Question
Which of the following is both a ledger and a subsidiary book?
Answer
Cash book
Question
N50,000 taken from cash till and banked is recorded in the cash book as follows:
Answer
Dr Bank column and Cr Cash column
Question
Purchases in accounting means.
Answer
Goods bought for resale
Question
Which of the following is correct
Answer
Profit increases capital
Question
Calculate the break -even point if Owiya ltd sells its product for N1,000 per unit and having a variable cost per unit of N500, with a fixed cost of N500,000.
Answer
1000
Question
The level at which the contribution is equal to fixed cost is called.
Answer
Break even point
Question
…………is an internal accounting system
Answer
Cost accounting
Question
The summation of direct materials, direct labour and direct expenses is…………
Answer
Prime cost
Question
An item, process or activity for which a separate measurement of cost is required is called……
Answer
Cost object
Question
The type of accounting that deals with the gathering of cost information, cost attachment, budgeting and standard costing is……
Answer
Cost accounting
Question
Which type of error is committed when machinery bought for use in the business is mistakenly debited to the purchases account.
Answer
Error of principle
Question
Under the entity concept ……… … is different from its owner
Answer
0
Question
The concept which states that in measurement of profit, costs incurred in generating revenue should be reported together in the period they arise is ……..
Answer
0
Question
The purpose of Accounting is to ……..
Answer
0
Question
The Sales Day Book records goods sold …………
Answer
0
Question
Mr. Mosirunmuro sold cosmetics and receive cash of N90, 000 on 15th of January 2016.What is the double entry postings for this transaction?
Answer
Question
What is the net profit figure for the year ended from the following information: Capital (at 1/1/2017) – N4,916,000; Capital (at 31/12/2017) – N5,864,000; Drawings during the year – N1,040,000; Additional Capital introduced during the year – N 400,000 ?
Answer
1588000
Question
What is the net asset figure based on the following information: Fixtures N1,800,000; Trade Receivables – N480,000; Inventory- N2,400,000; Loan – N 600,000; Payables – N800,000; Bank N1,636,000?
Answer
4916000
Question
Aderoju and Sons made a net loss of N 19,267,000 after an accumulated expenses of N52,329,000. What was the gross profit amount?
Answer
33062000
Question
The opening and closing balances of Trade Payables for year 2018 was N6,756,000 and N7,840,000 respectively. If the total payment to creditors from bank equals N24,310,000 What is the amount of credit purchases?
Answer
25394000
Question
Compute sales turnover if the gross profit is N33,062,000 and cost of sales is N56,539,000.
Answer
22477000
Question
Suppliers’s personal accounts are found in the ledger
Answer
Purchases ledger
Question
When there is a difference in the trial balance and it cannot be resolved before the preparation of the final accounts it is taken to…………
Answer
Suspense acct
Question
All the following are assets except
Answer
Accrued Expenses
Question
………… Is a book of original entry
Answer
Journal proper
Question
All the following are Non-current assets except
Answer
Prepayments
Question
Which of the following is not true about Trial Balance?
Answer
It contains elaborate entries in all accounts in the ledger
Question
Accounting equation that shows the net worth of a business is_
Answer
Capital = Asset – Liabilities
Question
Payment of liability will result in …….
Answer
Decrease in both assets and liabilities
Question
The owner’s equity in a business is called
Answer
Capital
Question
Which of the following is both a ledger and a subsidiary book?
Answer
Cash book
Question
N50,000 taken from cash till and banked is recorded in the cash book as follows:
Answer
Dr Bank column and Cr Cash column
Question
Purchases in accounting means.
Answer
Goods bought for resale
Question
Which of the following is correct
Answer
Profit increases capital
Question
Purchases in accounting means.
Answer
Goods bought for resale
Question
Which of the following is correct
Answer
Profit increases capital
Question
Calculate the break -even point if Owiya ltd sells its product for N1,000 per unit and having a variable cost per unit of N500, with a fixed cost of N500,000.
Answer
1000
Question
The level at which the contribution is equal to fixed cost is called.
Answer
Break even point
Question
…………is an internal accounting system
Answer
Cost accounting
Question
The summation of direct materials, direct labour and direct expenses is…………
Answer
Prime cost
Question
An item, process or activity for which a separate measurement of cost is required is called……
Answer
Cost object
Question
The type of accounting that deals with the gathering of cost information, cost attachment, budgeting and standard costing is……
Answer
Cost accounting
Question
Which type of error is committed when machinery bought for use in the business is mistakenly debited to the purchases account.
Answer
Error of principle
