Partners’ salaries and drawings are usually posted to the?
A. trading account B. current account C. capital account D. partners’ account Correct Answer: Option B – current account
The excess of income over expenditure is usually transferred to the?
A. accumulated fund B. profit and loss account C. current assets in the balance sheet D. current liabilities in the balance sheet Correct Answer: Option A – accumulated fund
A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000. The balance of the payments account is?
A. N24,000 B. N22,000 C. N14,000 D. 8,000 E. NO OPTION INDICATED Correct Answer: Option E – NO OPTION INDICATED
Lubricating oil and spare parts of machinery are examples of?
A. direct materials B. indirect materials C. indirect expenses D. direct expenses Correct Answer: Option C – indirect expensesProducts
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