Accounts - Principles of Accounts Questions
Question 1631:
Expenses incurred but not yet paid is
- A Contigent liability
- B Current liability
- C Current asset
- D Fixed asset
- E Capiatal expenditure
Question 1632:
Which of the following does not lead to depreciation assets?
- A Wear and tear
- B Passage of time
- C Devaluation of Naira
- D Obsolescence
- E Usage
Question 1633:
Which of the following is capital expenditure?
- A Purchase of stock
- B A purchase of motor vehicles for sale
- C Subscriptionspaid
- D Extension of building
- E Repairs of generator
Question 1634:
What are accounting entries for bad debts recovered?
- A Debit debtor's account, credit bad debts recovered account
- B Credit debtor's account, debit bad debts recovered account
- C Debit debtor's credit sales account
- D Credit debtor's account, debit sales account
- E Credit cash account, debit sales account
Question 1635:
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts 1st Jan, 1992} & 100,000 & 50,000 \\ \text{Current accounts 1st Jan, 1992} & 20,000 & 40,000 \\ \text{Drawing during the year} & 10,000 & 15,000 \\ \text{Annual salaries} & 14,000 & 12,000\end{array}\)
Interest on capital is 10%. The net profit for the year is N60,000. The interest on Halima's capital is
- A N10,000
- B N6,000
- C N4,0000
- D N2,000
- E N1,000