Accounts - Principles of Accounts Questions
Question 1836:
The double entry for increasing provision for bad debt is debit
- A Debtor's account, credit provision for bad debt account
- B Profit and loss account, credit debtor's account
- C Debtor's account, credit profit and loss acount
- D Profit and loss account, credit provision for bad debt account
Question 1837:
Bills receivable is a
- A Current liability
- B Current asset
- C Long-term liability
- D Fictitious asset
Question 1838:
How much did Olu sell goods bought at N1,000 if he sells at a margin of 20% on selling price?
- A N1,250
- B N1,200
- C N1,000
- D N250
Question 1839:
Which of the following accounts has a debit balance?
- A Capital reserve
- B Revenue reserve
- C Share premium
- D Share discount
Question 1840:
a list of all credit and debit balance from the ledger accounts is
- A Trial balance
- B Profit and loss statement
- C Statement of affairs
- D Balance sheet