Jamb Accounts - Principles of Accounts Questions - Partners current and capital accounts
Question 1:
What was the balance showed wages, N2 500 and a note stated that N 500 wages were due but unpaid when preparing final accounts and loss account with
- A N 3 000 and show wages accrued N 500 in the balance sheet
- B N2 000 and show wages accrued N500 in the balance sheet
- C N 3 000 and show wages perpaid N 500 in the balance sheet
- D N 2000 and show wages paid in advance N500 in the balace sheet
Question 2:
The directors' salaries paid are items of?
- A Current liabilities
- B Profit and loss account
- C Trading account
- D Current account
Question 3:
In the preparation of account, the owners of the business and the business concerned are treated as:
- A Partners
- B Joint venture
- C The same person
- D Separate legal entities