Accounting Questions and Answers

The trial balance will show return outwards account N60. discount allowed account N100, respectively as

Which of the following errors affects the trial balance?

Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and N2,000 and their drawings N1,800 and N1,200. Profit during the year was N5,400; before 5% interest on capital. No interest was chargeable on drawings. What was the balance carried down on Abid's current account?

Which of the following is not true of revenue expenditure? 
i. It is incurred in one period of account. 
ii. its full benefits are consumed in the period incurred. 
iii. it includes items for replacement and repairs 
iv. it does not include depreciation

A trial balance is a proof of