Accounts - Principles of Accounts Questions
Question 1436:
In a professional partnership, membership must be between
- A 2 and 8
- B 2 and 10
- C 2 and 50
- D 2 and any number
- E 2 and 20
Question 1437:
A private limited company is that which i. restricts the right to transfer its share. ii. has a minimum of seven members. iii. limits membership to fifty. iv. offers its shares for sale to the public
- A I and ii
- B Ii and iv
- C I and iv
- D Ii and iii
- E I and iii
Question 1438:
One of the advantages of control account is that
- A All errors are localised tus reducing delays in balancing accounts
- B All erroes are generalized thus reducing delays in balancing accounts
- C Book keepers cannot make mistakes
- D All errors are posted into the account
- E All cash transactions are posted into the accounts
Question 1439:
The assets of business can be classified broadly int
- A Fixed and floating assets
- B Fixed and current assets
- C Intangible and fixed assets
- D Current and circulating assets
- E Investment and tangibl assets
Question 1440:
The Chief accounting officer of the Federation Republic of Nigeria is the
- A Chief accountant
- B Minister of finace
- C Minister of economic planning
- D Accountant general of the federation
- E Auditor general of the federation