The simplest form of single entry procedure consists fo keeping a
Day book or general journal
Cash book and ledger accounts showing debtors and creditors balances
Cash journal, sales journal and purchases journal
Day book in which transactions are described in chronological order
Correct answer is B
No explanation has been provided for this answer.
N24,577
N13,877
N7,067
N2,890
Correct answer is B
No explanation has been provided for this answer.
In a manufacturing company, the total cost of goods produced is equivalent to?
Purchases
Sales
Cost of goods sold
Cost of materials used
Correct answer is A
No explanation has been provided for this answer.
An expenses account is closed by a debit to
An asset account and a credit to the expenses account
The expenses account and a credit to an asset account
Profit and loss account and a credit to the expenses account
The expenses account and a credit to profit and loss account
Correct answer is C
No explanation has been provided for this answer.
Which of the following errors will affect the trial balance total?
Posting disscount allowed to the debit side of the discount allowed account
Omission of one account from the list when extracting from the ledger
Failure to post sales of N2,000 and purchases of N2,000 from the subsidiiary ledger
Omission of sales of N3,000 and purchases of N2,000
Correct answer is C
No explanation has been provided for this answer.