A trader paid insurance premium of N1,350 for 15 months ended 31st March 1991. He prepares to 31st December. How…
A. a discount B. a profit C. a loss D. par E. a premium Correct Answer: Option E - a…
A. cash book B. purchases day book C. sales day book D. journal paper E. purchases ledger Correct Answer: Option…
A. commission B. omission C. original entry D. principle E. compensation Correct Answer: Option D - principle
A. assets and liabilities amount to capital B. capital less assets amount to liabilities C. assets less liabilities amount to…
A. turnover B. prime cost C. gross profit D. overhead cost Correct Answer: Option B - prime cost
A. cash book B. general ledger C. purchases day book D. invoices E. journal voucher Correct Answer: Option C -…
A. invoice B. debit note C. credit note D. cheque E. payment voucher Correct Answer: Option B - debit note
A. departmental votes revenue account B. departmental votes expenditure account C. deposit account D. advances account E. profit and loss…
A. credited to the trading account B. debited to the trading account C. credited to the profit account D. debited…