Accounts - Principles of Accounts Past Questions and Answers

Control accounts are also known as

Which of the following is charged to trading account?

Which of the following is not a debit item in a creditor's control account?

Use the following information to answer the given question <br/>\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)

Using the reducing balance method, the depreciation charged for year 2002 was <br/>Use the following information to answer the given question <br/>\(\begin{array}{c|c} \text{Motor vehicles(at cost) 1/1/2002} & ₦1,000,000\\ \text{Addition to motor vehicles 1/7/2003} & ₦600,000 \\ \text{Depreciation rate 10%} & \end{array}\)<br/>Using the straight reducing balance method, the depreciation charged for year 2002 was