#1-10 Financial Accounting Questions & Answers

/ CBT Q&A, Exam Questions, Financial Accounting / By / August 20, 2021

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1. Uncle Charles transfer his pickup van valued N117,675 to his business

 
 
 
 
 

2. The purchase of a motor vehicle N2m is debited into a motor vehicle repairs account. This error is

 
 
 
 
 

3. The collection of the balance in all the ledger account in one statement is referred to as

 
 
 
 
 

4. When the assert is purchased using cheque or cash

See Also:  Control Account Definition - Uses & Adv. of Control Account
 
 
 
 
 

5. If revenue expenditure is erroneously treated as capital expenditure, then the result will be

 
 
 
 
 

6. The permanent and continuing diminution in the quality, quantity of value assets from any cause whatsoever is referred to as

 
 
 
 
 

7. In a circumstance, where the resources of other parties other than the Owners have been invested in the business we have.

See Also:  Questions on 1,2,3 Column Cash Book
 
 
 
 
 

8. In a bank reconciliation statement, a repurchased bank draft is treated as

 
 
 
 
 

9. Paid Jolape amount owed N3,600 less cash discount of 1%

 
 
 
 
 

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