Accounts - Principles of Accounts Questions
Question 1816:
Expenses incurred when incorporating a company are
- A Preliminary expenses
- B Selling expenses
- C Administrative expenses
- D Financial expenses
Question 1817:
Gross Profit of a business is the
- A Excess of sales over all the trading expenses
- B Difference between sales and purchases
- C Excess of sales over the cost of goods sold
- D Difference between discounts received and discount allowed
Question 1818:
Prepaid rent of N650 had been recorded as N560. This is an error of
- A Commission
- B Principle
- C Compensation
- D Original entry
Question 1819:
When a buyer is undercharged, the seller forwards
- A A debit note
- B A credit note
- C An undercast note
- D A payment receipt
Question 1820:
Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. Rent charged to the profit and loss account for the year 1998 is
- A N2,000
- B N1,700
- C N1,400
- D N1,300