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Accounts - Principles of Accounts Past Questions

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976

Administrative, selling and distribution expenses in a manufacturing firm are recorded in

  • A. trasing acccount
  • B. manufacturing account
  • C. profit and loss account
  • D. balance sheet
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977

Which of the following is not a revenue to a local government?

  • A. fines
  • B. licenses
  • C. personal ncome tax
  • D. tenement rates
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978

Which of the following is not an item in the profit and loss account?

  • A. drawings
  • B. interest
  • C. salaries
  • D. bad debts
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979

A loss made on the disposal of a fixed assets is debited to

  • A. sales account
  • B. purchases account
  • C. profit and loss account
  • D. capital account
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980

Use the following information to answer the given question
\(\begin{array}{c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \text{Stock} & 2,500\\ \text{Furniture and fittings} & 2,200 \\ \text{Creditors} & 1,000\end{array}\)
The capital is

  • A. D1,440
  • B. D6,580
  • C. D5,380
  • D. D1,000
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