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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 1821:
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. The closing balance for 1998 is an item under
  • A Current lability
  • B Current asset
  • C Long term liability
  • D Fixes asset
View Answer & Explanation
Question 1822:
In computing, external storage is called
  • A Backing storage
  • B Logging storage
  • C Primary storage
  • D Extra storage
View Answer & Explanation
Question 1823:
Profit expressed as a fraction of the selling price is known as
  • A Mark-up
  • B Margin
  • C Gross profit
  • D Net profit
View Answer & Explanation
Question 1824:
In computing, ALU stands
  • A Accounting logic unit
  • B Arithmetic logic unit
  • C Access logic unit
  • D Additional liability unit
View Answer & Explanation
Question 1825:
Which of the following is not a petty cash book item? purchase of
  • A Atationery
  • B Postage stamps
  • C Cutlass for gardners
  • D Machinery
View Answer & Explanation