Transposition
Compensation
Omission
Commission
Correct answer is A
A transposition error is a data entry error that occurs when two digits are accidentally reversed. It is where a bookkeeper accidentally reverses two adjacent digits, when recording transactional data.
₦60,000
₦50,000
₦35,000
₦5,000
Correct answer is C
No explanation has been provided for this answer.
₦23,000
₦18,000
₦10,000
₦8,00
Correct answer is B
purchase account = cash purchase + credit purchase
10,000 + 8000 = 18,000
₦50,000
₦40,000
₦45,000
₦30,000
Correct answer is C
The amount of money in an account. It is calculated by adding the initial deposit to all subsequent deposits and then subtracting all disbursements.
capital introduced 50000
purchase 10000
sales 5000
Bal c/d 45000
55000 55000
cash balance = 45000
Which of the following is not found in a trial balance?
Opening stock
Closing stock
Capital
Rent paid
Correct answer is B
Closing stock is the leftover balance out of goods which were purchased during an accounting period. Total purchases are already included in the trial balance, Hence closing stock should not be included in the trial balance again. If it is included, the effect will be doubled.