#1-10 Financial Accounting Questions & Answers

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

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

 
 
 
 
 

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

 
 
 
 
 

3. The art of recording Business transaction so that financial positions of an undertaking and its relationship to both its proprietors and outside persons are duly communicated is called.

 
 
 
 
 

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

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

 
 
 
 
 

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

 
 
 
 
 

7. When the assert is purchased using cheque or cash

See Also:  Question on Marginal and Absorption Costing Technicques
 
 
 
 
 

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

 
 
 
 
 

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

 
 
 
 
 

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

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