Accounts - Principles of Accounts Past Questions and Answers

Discount allowed is a charge made against

A Trading account
B Profit and loss acount
C Approration account
D Current account
E Nominal account

Question 2677:

Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\) What is the total assets?

A N17,300
B N17,000
C N15,000
D N14,700
E N12,000

Question 2678:

Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\) What is the total net assets?

A N17,300
B N17,000
C N15,000
D N14,700
E N12,000

Question 2679:

Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\) Total liabilities amount to

A N17,000
B N14,700
C N12,300
D N7,000
E N4,700

Question 2680:

Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} & 5,000 \\ \text{Current liabilities} & 2,300 \\ Capital & 10,000 \\ \text{Long term liabilities} & 4,700\end{array}\) The working capital is

A N10,000
B N9,700
C N7,300
D N7,000
E N2,700