Accounts - Principles of Accounts Past Questions and Answers

The Accounting term used to describe a partnership firm that stops operation and disposes its assets is ____________

Income and Expenditure account is the same as the ____________ of a sole trader

In company account, dividend payments are effected in which of the following accounts?

The following was extracted from the books of MEGA COMPANY NIG. LTD

	₦
Trade debtors	350,000
Fixtures and fittings	600,000
Cash at bank	25,000
Cash in hand	5,500
Trade creditors	116,500
Bank overdraft	7,500
Building	950,000
Motor van	35,000

The working capital of the company is ____________

Which of the following is not an advantage of control account?