Accounts - Principles of Accounts Questions
Question 1631:
An item is fictitious because it
- A Does not exist
- B Is too costly
- C Is worthless
- D Cannot be sold for cash
- E Is bought on credit
Question 1632:
Which of the following is not a personal account?
- A Bolaji Account
- B Drawings Account
- C P.Z. Plc Account
- D Cash Account
- E Acada Club Account?
Question 1633:
A provision is
- A An expense of business to be paid for in cash
- B An amount of loss from trading activities
- C A loss in value of all business assets
- D An expense the amount of which is not certain
- E An amount set out of profit for other uses
Question 1634:
A cash discount is a
- A Trading Account item
- B Profit and Loss Account item
- C Appropriation Account item
- D Receipts and Payments Account item
- E Balance Sheet item.
Question 1635:
Use the following information to answer the given question<br/>Kudi Local Government Council incurred the following expenditure in 1995:<br/>\(\begin{array}{c|c} & N \\ \hline \text{Payment of salaries} & 140,000 \\ \text{Purchase of drugs for dispensaries} & 80,000 \\ \text{Purchase of books for Library} & 30,000 \\ \text{Sinking of wells} & 70,000 \\ \text{Extension of Council offices} & 160,000 \end{array}\)<br/>The amount of capital expenditure for 1995 was
- A N260,000
- B N230,000
- C N220,000
- D N160,00
- E N140,000