Accounting

Rent owing as at 31st December 1998, N800. Rent paid up to 31st December 1998, N1,700. Rent owing as at 1st January 1998, N500. The closing balance for 1998 is an item under?

A. current lability B. current asset C. long term liability D. fixes asset Correct Answer: Option A A. current lability

6 years ago

Profit expressed as a fraction of the selling price is known as?

A. mark-up B. margin C. gross profit D. net profit Correct Answer: Option B B. margin

6 years ago

In computing, external storage is called?

A. backing storage B. logging storage C. primary storage D. extra storage Correct Answer: Option A A. backing storage

6 years ago

When a buyer is undercharged, the seller forwards?

A. a debit note B. a credit note C. an undercast note D. a payment receipt Correct Answer: Option A…

6 years ago

Prepaid rent of N650 had been recorded as N560. This is an error of?

A. commission B. principle C. compensation D. original entry Correct Answer: Option D D. original entry

6 years ago

Gross Profit of a business is the?

A. excess of sales overall the trading expenses B. difference between sales and purchases C. excess of sales over the…

6 years ago

Expenses incurred when incorporating a company are?

A. preliminary expenses B. selling expenses C. administrative expenses D. financial expenses Correct Answer: Option A A. preliminary expenses

6 years ago

The entries necessary for recording profit loading on goods sent to branch are?

A. debit branch stock account, credit branch stock adjustment account B. credit branch stock Adjustment account, debit goods, debit goods…

6 years ago