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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 2631:
The total of the discounts received column in the three column cash book is?
  • A Debited to discounts received account
  • B Credited to discounts received account
  • C Debited to discounts allowed account
  • D Credited to discount allowed account
View Answer & Explanation
Question 2632:
Which of the following expenses is apportioned between departments based on sales?
  • A Discount received
  • B Electricity
  • C Carriage inwards
  • D Carriage outwards
View Answer & Explanation
Question 2633:
In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as
  • A Bonus
  • B Goodwill
  • C Net profit
  • D Premium
View Answer & Explanation
Question 2634:
Assets which are readily convertible into cash are termed as
  • A Liquid assets
  • B Fixed assets
  • C Intangible assets
  • D Tangible assets
View Answer & Explanation
Question 2635:
A loan to a company under the company's seal is
  • A Fixed deposit
  • B Mortgage
  • C Bond
  • D Debenture
View Answer & Explanation