Accounts - Principles of Accounts Questions
Question 1931:
The price paid for the purchase of a business is
- A Credited to cash accounted to cash account and debited to vendor's account
- B Debited to cash account and credited to Vendor's Account
- C Debited to business purchase Account and credited to Asset Account
- D Credited to cash Account and debited to Asset Account
Question 1932:
A trader paid N15,000 on rent for 15 months but charged N12,000 to the profit and loss Account for the year. This is the concept of
- A Accrual
- B Materiality
- C Prudence
- D Going-corncern
Question 1933:
Partner's interest on capital is shown in the
- A Profit and loss Account
- B Oartners fixed capital account
- C Profit and loss appropriation account
- D Trading account
Question 1934:
A deduction from the sales price of goods that is allowed if payment is made within a specified period of time
- A Trade discount
- B Cash discount
- C Quantity discount
- D Rebate
Question 1935:
A trader paid N15,000 on rent for 15 months but charged N12,000 to the Profit and Loss account for the year. This is the concept of
- A Accrual
- B Materiality
- C Prudence
- D Going-concern