A sales for N2,570 was recorded in the day book as N2,750. The error committed was
Compensating error
Error of omission
Error of principle
Error of original entry
Error of transportation
Correct answer is D
No explanation has been provided for this answer.
A debit suspense account N800, credit Jeje's account N800
Debit bank to correct N400, credit Jeje's account N400
Debit suspense account N400, credit Jeje's account N400
Debit Jeje's account N800, credit suspense account N800
Debit Jeje's account N400, credit suspense account N400
Correct answer is D
No explanation has been provided for this answer.
Which of the following accounts belongs to the private ledger?
Drawing accounts
Premises account
Machinery account
Depreciation account
V. Okafor's account
Correct answer is A
Private Ledger – Private ledger consists of accounts that are confidential in nature such as capital, drawings, salaries, etc. These accounts are only accessible by selected individuals.
Examples – Salaries, Drawings, Sales, Purchases, Returns Inward/Outward, Rent, Stationery, Insurance, etc.
Since drawings are used by the businessman for personal purposes it is a personal account.
Which of the following accounts belongs to the personal ledger?
Purchases account
Capital account
Machinery account
Depreciation account
Rent and rentals
Correct answer is D
No explanation has been provided for this answer.
Bank charges and commission
Cheques issued, presented and cashed
Bank lodgements
Payments made by the bank on a tanding order
Opening bank overdraft
Correct answer is C
No explanation has been provided for this answer.