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Questions on Accounts


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Academic Quotes

Smile - Len Academy

Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around - Leo Buscaglia

The most important things we can give to others are actually not expensive. In fact, we don't have to buy them with money because they are right within us.

These include our kind words, listening ears, honest compliments, our 'thank you', those beautiful smiles, our loving corrections, sincere kindness and a caring heart

In the end, it isn't the years in your life that count. It is the life in your years - Abraham Lincoln

One fact remains constant to us all, and that's death. We are not guaranteed of tomorrow because no living human is too old to die, even a newly born. Remember, age is also a number.

Therefore, let us always do good, help the poor, care for the sick and less privileged, forgive transgressions and most importantly, extend the hands of love to everyone we come across.

By doing this, we would have added an abundance of life to our years, regardless its number. Recall that Jesus Christ Himself died at 33

Smile - Len Academy

You cannot win everytime. This therefore makes defeat a part of life. However, it is the way and manner at which we rise from our defeats that determines our place among the greats.

Muhammad Ali was a professional boxer with 56 wins and 5 defeats. However, the way and manner at which he rose from his defeats secured his place in boxing history as the greatest fighter of all time

One Day or Day One, you decide - Unknown

We all intend to become great in life. However, we should also understand that it doesn't take one day to become great. Rather it takes many days of work, practice, diligence, failures and successes to become great.

My question to you is this: Concerning your path to greatness, what day are you in?

Whatever you are, be a good one - Abraham Lincoln

If you are a boy, be a good boy. If you are a girl, be a good girl. If you are a man, be a good man. If you are a woman, be a good woman. If you are a student, be a good student. If you are a teacher, be a good teacher.

I can go on and on; but the point is: You are human, so do all in your power to be a good human


According to the principles of the dual entry system, an increase in asset is credited.

  • A. True

  • B. False

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The followings are true on the double entry system of accounting except _____.

  • A. Errors can't be made

  • B. It can be time consuming

  • C. It can be used as an accounting reference

  • D. It can be used to control a company's expenditure

  • E. There is completion of account transaction

  • F. It isn't difficult to implement

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With regards to bookkeeping and accounting, which of the following statement is incorrect?

  • A. Accounting covers the entire practice of finance management

  • B. Bookkeeping is a branch of accounting

  • C. Bookkeeping is a necessary requirement when making financial statement of account

  • D. Bookkeepers record financial transaction in a chronological order

  • E. Accountant earn higher salaries than bookkeepers

  • F. Accounting reports assist business managers in making a more detailed decision

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The debited and credited accounts are written in which column of a journal?

  • A. Date

  • B. Particulars

  • C. Folio

  • D. Ledger

  • E. Amount

  • F. None of the above

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A journal may also be referred to any of the following except _____.

  • A. Book of original entry

  • B. Book of primary entry

  • C. Book of first entry

  • D. Initial book

  • E. Day book

  • F. Chronological book

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Which of the following statement is true concerning bank wire?

  • A. Another name for bank wire is cash transfer

  • B. The term 'wire' in bank wire signifies a computer based programmed message sent to a bank customer in regards to their account information, transaction and other important financial notifications

  • C. The International Bank Account Number (IBAN) must always be involved when carrying out a bank wire process

  • D. The term bank wire has no significant relationship with wire transfer

  • E. Cyber criminals cannot utilize bank wire threats like CSRS, phishing and whaling to achieve their fradulent act

  • F. All the above statements are true

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The following are recommendations to follow during the process of balance sheet reconciliation EXCEPT _____.

  • A. All balance sheet accounts should be reconciled periodically, quarterly or annually

  • B. Comparing the trial balance of both the payables and receivables with the respective aging schedule

  • C. Analysis of enteries and relocating them to a sub-ledger if need be

  • D. Comparing the general ledger trial balance of the account to another source; for instance, a bank statement

  • E. Analysis of the differences in both accounts and making appropriate correction to ensure the correctness of entered information

  • F. None of the above

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Topics in Accounts

Characteristics of Double Entry System Examples on the principle of double entry system Advantages and limitations of double entry system Scheme of work, Financial Accounting, SS1, Third Term Scheme of work, Financial Accounting, SS1, Second Term Scheme of work, Financial Accounting, SS1, First Term Differences between Bookkeeping and Accounting Journal explained with its contents, format, characteristics and advantages Bank Wire and Wire Transfer Chart of Accounts Balance Sheet Reconciliations


Amazing facts for Students

Yahoo is an acronym for: 'Yet Another Hierarchical Officious Oracle'

Social Studies

Elephant on cumulus cloud - Len Academy

A medium-sized cumulus cloud has a weight of about 80 adult elephants.

You can think of cumulus cloud as a detached, individual, cauliflower-shaped cloud often seen in fair weather conditions

Physics

The word pangram refers to a sentence that contains all 26 letters of the alphabet. Below is an example of a pangram:

The quick brown fox jumps over the lazy dog

English

The word Paraskevidekatriaphobia means the fear of Friday the 13th, while Triskaidekaphobia means an extreme fear of the number 13

English

Angry and Hungry are the only two English words that currently ends in '-gry'

English