Accounts - Principles of Accounts Questions
Question 1561:
Cash discount is given for
- A Buying in large quantity
- B Prompt settlement of account
- C Being a cash reqular customer
- D Introducing other customers
- E Sales returns
Question 1562:
Where there is no partnership agreement, any contribution in excess of the agree capital attracts
- A No interest at all
- B Interest at the rate of 2\(\frac{1}{2}\)% per annum
- C Interest at the rate 5% per anuum
- D Interest at all
- E Interest at the per annum
Question 1563:
Which of he following is a current asset item?
- A Goodwill
- B Overdraft
- C Preliminary expenses
- D Prepayments
- E Outstanding expense
Question 1564:
Which of the following is a Real account item?
- A Wages and salaries account
- B Machinery account
- C Capital account
- D Drawings account
- E Alagja and sons account
Question 1565:
A plant which costs N1,000 and has a residual value of N125 is depreciated at 20% per annum. Using the diminishing balance method, what is the amount of depreciation for the second year?
- A N128
- B N140
- C N160
- D N175
- E N200